Kotak Bank hikes hikes by 5 bps across tenures

Kotak Bank hikes hikes by 5 bps across tenures

The bank's new loan rates will fall between 8.20 and 9.20%. The lender increased the MCLR by 10 to 30 bps across all tenures in January

FPJ Web DeskUpdated: Thursday, February 16, 2023, 12:52 PM IST
article-image
Kotak Bank hikes MCLR by 5 bps across tenures | Image: Kotak Mahindra Bank (Representative)

Kotak Mahindra Bank has raised its marginal cost of funds-based lending rate by five basis points across loan tenures effective today, according to the bank's website.

The bank's new loan rates will fall between 8.20 and 9.20%. The lender increased the MCLR by 10 to 30 bps across all tenures in January.

The policy repo rate was increased by 25 bps on February 8 by the Monetary Policy Committee of the RBI.

The repo rate is currently 6.50%, bringing the main policy rate's cumulative increase since May 2022 to 250 bps.

RECENT STORIES

Contractors Working On Maharashtra Government Projects Claim Payments Totalling ₹89,000 Crore...

Contractors Working On Maharashtra Government Projects Claim Payments Totalling ₹89,000 Crore...

Strict Action To Be Taken Against Manufacturers & Retailers Selling Sub-Standard Helmets; Centre To...

Strict Action To Be Taken Against Manufacturers & Retailers Selling Sub-Standard Helmets; Centre To...

Former Hindustan Unilever Chairman, Susim Dutta, Passes Away In Mumbai

Former Hindustan Unilever Chairman, Susim Dutta, Passes Away In Mumbai

Crude Oil Prices May Recover; Supply Side Sees Positive Signal, Signs Of Geopolitical Tensions...

Crude Oil Prices May Recover; Supply Side Sees Positive Signal, Signs Of Geopolitical Tensions...

Jane Street Stepping Back Could Affect Retail Trading Activity; Contributes 50% Of Options Trading...

Jane Street Stepping Back Could Affect Retail Trading Activity; Contributes 50% Of Options Trading...