The MCLR Hikes: A special meeting of the RBI’s Monetary Policy Committee (MPC) is scheduled for November 3 amid rising inflation. The RBI will present a report to the government about the rising inflation during this time.
Section 45 ZN of the RBI Act was used to call this special meeting of the RBI. According to this legal requirement, the RBI must declare to the government that it has not met the target if it is unable to keep the inflation rate below 6% for three consecutive months.
Four of the country’s largest banks, ICICI Bank, Punjab National Bank (PNB), Bank of India, and Indian Bank, upped the MCLR before this Reserve Bank meeting. The revised tariffs went into effect on November 1.
The repo has hiked by 1.90 percent four times since May of this year. This makes the loan from the RBI to the banks costly, or does it? In a similar vein, bank loans to customers now carry higher interest rates. The MCLR has increased by 0.20 percent thanks to ICICI Bank. Banks’ MCLR has been raised from 8.10 percent to 8.30 percent as of late.
The MCLR has grown by 0.30 percent thanks to Punjab National Bank (PNB). From 7.75 to 8.05 percent, it has now climbed. The three-year rate has also gone up, from 8.05 to 8.35 percent.
The MCLR has been raised by 0.15 percent by the Bank of India. The current one-year MCLR rate is 7.95 percent, up from 7.80 percent. Indian Bank also raised the one-day MCLR by 0.35 percent to 7.40 at the same time.
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