Private sectors bank had hiked their Marginal Costs of Funds based Lending Rate (MCLR) upto 10 basis points and the deposited rate has been increased by 50 bps across all tenors.
All the rates of the loans are linked to MCLR and will go increased after this revision. 5-1 was voted by the RBI’s monetary policy committee for keeping the policy rate of 6% on hold after the inflation accelerated to a 7th month high and in the government bond yields, it has led to the spike of 7.38% with the tenyear benchmark bond.
The banks those are included in the hike rates are: Axis Bank, Kotak Mahindra Bank, IndusInd Bank and Yes Bank. Among these banks, Yes Bank and IndusInd Bank have announced about the increment of MCLR rates by 10 bps across all tenors.