Banks’ lending rate cuts raise hopes of a revival in credit growth
After SBI cut its MCLR by 90 bps on Sunday, other lenders such as PNB, Andhra Bank, Dena Bank, ICICI Bank and Kotak Mahindra Bank followed suit, cutting their MCLR by 45-75 bps. Photo: Pradeep Gaur/Mint
A bunch of banks have cut lending rates after State Bank of India’s (SBI’s) deepest loan rate slash in recent years, raising hopes of a credit growth revival after economic activity was disrupted by the withdrawal of high-value currency.
After SBI cut its marginal cost of funds-based lending rate (MCLR) by 90 basis points (bps) on Sunday, other lenders such as Punjab National Bank (PNB), Andhra Bank, Dena Bank, ICICI Bank Ltd and Kotak Mahindra Bank Ltd followed suit, cutting their MCLR by 45-75 bps.
Credit: www.livemint.com