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EMIs to go up as SBI hikes lending rate by 10 basis points across tenures

The change will be effective June 15 and will result in higher EMIs for borrowers with loans linked to MCLR.

The State Bank of India (SBI) office building is pictured in Kolkata, India.(Reuters)

business

Published on Jun 15, 2024 09:50 AM IST

ByHT News Desk

China central bank cuts benchmark lending rate to boost economy: Explained

In January, consumer prices fell at their quickest rate in more than 14 years, piling pressure on the government for more aggressive moves.

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China.(Reuters)

business

Published on Feb 20, 2024 07:36 AM IST

AFP |

RBI keeps repo rate unchanged at 6.5%; Das says ‘war against inflation not over’

Among key projections, the central bank has projected the country’s real (inflation adjusted) GDP growth at 6.5% in 2023-24

Reserve Bank of India governor Shaktikanta Das. (PTI Photo)

business

Updated on Jun 08, 2023 10:37 AM IST

ByZia Haq

HDFC cuts retail lending rates by 20 basis points

Following the reduction, HDFC’s new rates will now range between 7.5-8.5%. The move comes after State Bank of India reduced its marginal cost of funds based lending rate (MCLR) by 25 basis points across all tenors.

The reduced rate will benefit all existing HDFC retail home loan and non-home loan customers.(Pradeep Gaur/Mint)

business

Updated on Jun 13, 2020 08:55 AM IST

Mint, Mumbai | ByGopika Gopakumar

SBI cuts benchmark lending rate by 15 basis points

To safeguard the interests of senior citizens in the current falling rate regime, the bank has introduced a new product ‘SBI Wecare Deposit’ for them in the retail term deposit segment, SBI said in a statement.

SBI slashed its interest rates on retail term deposits by 20 basis points for ‘up to 3 Years’ tenor, effective from May 12 in view of adequate liquidity in the system as well as with the bank.pic by hemant Mishra/mint

business

Updated on May 07, 2020 04:17 PM IST

Mumbai | ByPress Trust of India

RBI keeps repo rate steady at 5.15%, pegs growth at 6% for next fiscal

This is the second consecutive bi-monthly meeting of the Monetary Policy Committee in this fiscal year 2019-20 in which the repo rate has been kept unchanged.

Shaktikanta Das, governor of the Reserve Bank of India (RBI), gestures during a news conference in Mumbai on Feb. 6, 2020.(Bloomberg)

business

Updated on Sep 09, 2020 07:36 PM IST

Hindustan Times, Mumbai | ByRevati Krishna

Repo rate unchanged, GDP growth lowered: Highlights of RBI’s monetary policy statement

The RBI also revised GDP growth downwards to 5 per cent for 2019-20 from 6.1 per cent projected in its October policy.

RBI governor Shaktikanta Das(ANI / Twitter)

business

Updated on Dec 05, 2019 12:43 PM IST

Mumbai | ByPress Trust of India

SBI cuts lending rates for 6th time; deposits rates down 25bps

“In view of the festival season and extending the benefits to customers across all segments, we have reduced our MCLR by 10 bps across all tenors,” the bank said in a statement.

The marginal cost of funds-based lending (MCLR) would be effective from October 10, the revision in savings bank deposits rates will be from November 1, the bank said in a statement.(Photo: Mint)

india news

Published on Oct 09, 2019 03:36 PM IST

Mumbai | ByPress Trust of India

SBI cuts lending rates by 10 bps, retail loans to get cheaper for existing borrowers

State Bank of India, in a statement, said, “In view of the festival season and to extend the benefit to customers across all segments, the SBI has reduced its MCLR by 10 bps across all tenors.”

The State Bank of India cut lending rates by 10bps on Wednesday, October 9, 2019.(REUTERS)

business

Updated on Oct 09, 2019 11:32 AM IST

Mumbai | ByIndo Asian News Service

RBI cuts key lending rate by 25 basis points to 5.15%, loans to get cheaper

RBI’s six-member Monetary Policy Committee (MPC) has announced the fourth bi-monthly policy for 2019-20 on Friday, after a three-day meeting.

It also said that some RBI watchers expect a larger cut this week, after the central bank cut the repo rate by an unconventional 35 bps to 5.40% in August.(REUTERS FILE)

business

Updated on Oct 04, 2019 12:08 PM IST

Hindustan Times, New Delhi | ByHT Correspondent

SBI cuts interest rates on fixed deposits, home loans

The State Bank of India in a release said that it will reduce interest rates by 10 basis points from tomorrow.

business

Updated on Jun 27, 2020 09:16 PM IST

Hindustan Times, New Delhi | ByHT Correspondent

Is it a wise idea to opt for repo-linked loan?

In the past, there has been a lot of talk of banks not being able to effectively transmit rate cuts to customers

RLLR-based home loan will ensure faster rate cut transmission. (Photo: iStock)

business

Published on Aug 21, 2019 11:54 PM IST

New Delhi | ByNeil Borate, Nilanjana Chakraborty

RBI’s rate cut will help if banks pass on benefit to end-users, say realty players

The Reserve Bank of India’s (RBI) Monetary Policy Committee on Wednesday cut the interest rate by 35 basis points (bps) -- the fourth successive reduction -- to a nine-year-low level, in an attempt to boost an economy growing at its slowest pace in nearly five years.

Mohit Goel, chief executive officer of Omaxe Ltd, said that with inflation well within the RBI range and economy showing signs of slowdown, the(REUTERS FILE)

business

Updated on Aug 08, 2019 10:13 AM IST

New Delhi | ByPress Trust of India

SBI lowers lending rate by 15bps, loan EMIs set to ease

The reduction will make all loans cheaper; for instance, the rate on home loans will come down to 8.25% from 8.4%. On a ₹30 lakh loan over a 20-year period, the savings would be ₹70,000.

Existing borrowers whose loans are linked to the MCLR (marginal cost of funds based lending rate) will not see any impact on immediately considering the reset clause. For instance, a loan linked to one-year MCLR and taken out in ,say, June, could see a reset only next June.(REUTERS)

india news

Updated on Aug 08, 2019 09:46 AM IST

Hindustan Times, Mumbai | ByVivina Vishwanathan

Admitting slowdown, RBI lowers growth forecast to 6.9 percent

The admission of the rising headwinds to growth led the monetary authority to slash the lending rates by an unprecedented 35 bps to 5.40 percent in the fourth successive rate reductions since Shaktikanta Das assumed power in December.

The statement also comes amid many key personalities, including engineering giant Larsen & Toubro chairman AM Naik expressing concerns on the growth front.((Vipin Kumar Photo/ Hindustan Times))

india news

Updated on Aug 08, 2019 09:48 AM IST

Mumbai | ByPress Trust of India

Wholesale Price Index inflation declines to near 2-year low at 2.02% in June

The Wholesale Price Index (WPI)-based inflation was at 2.45 per cent in May. It was 5.68 per cent in June 2018.

Inflation in food articles basket eased marginally to 6.98 per cent in June, from 6.99 per cent in May.(Photo: Kalpak Pathak/Hindustan Times file photo)

business

Updated on Jul 15, 2019 12:44 PM IST

Hindustan Times, New Delhi | ByPress Trust of India

Economic Survey 2019 Highlights: Economy@5trillion, job creation and other features

Economic Survey 2019: Finance Minister Nirmala Sitharaman tabled the Survey in Rajya Sabha a day before the maiden Union Budget of the new Narendra Modi government.

Economic Survey 2018-19 was tabled in Parliament by Minister for Finance and Corporate Affairs Nirmala Sitharaman.

budget

Updated on May 28, 2020 03:54 AM IST

New Delhi | ByHT Correspondent

Budget 2019: In Sitharaman’s 5-year road map, focus likely on 2 key issues

While the coming budget may incentivise job-oriented private investment and focus on skill-development initiatives, the government is likely to persuade banks, particularly public sector ones, to slash interest rates.

Union Finance Minister Nirmala Sitharaman(PTI file photo)

india news

Updated on Jun 24, 2019 09:25 AM IST

Hindustan Times, New Delhi | ByRajeev Jayaswal

Rise in CPI: How it impacts you

According to an SBI note, core CPI will go down and the headline CPI will increase, leading to convergence in coming months.

Price rise in essential goods over a long period hits those in lower income groups the hardest.(HT File Photo/ Representative image)

business

Updated on Jun 17, 2019 10:43 AM IST

Hindustan Times, Gurugram | ByHT Correspondent

How RBI’s rate cut will affect you

Bankers say that you will see a change in marginal cost of fund based lending rates (MCLR) when the asset-liability committee of individual banks meets next time.

RBI has cut repo rate by 75 bps. However, the transmission of the rate cut has been slow. Banks blame it on tight liquidity situation due to slow growth in deposits and systemic liquidity position in the economy.(HTFile)

business

Updated on Jun 10, 2019 08:21 AM IST

Hindustan Times, Mumbai | ByVivina Vishwanathan

Rupee opens marginally higher after RBI policy decision

The rupee opened at 69.23 the interbank forex market then gained further ground to touch 69.21 per dollar amid positive opening in domestic equities.

Forex traders said investors welcomed the RBI policy decision as this would help to boost the slowing economy.(Bloomberg File Photo / Representative image)

business

Updated on Jun 07, 2019 10:40 AM IST

Mumbai | ByPress Trust of India

Sensex crashes over 450 points after RBI cuts key lending rate

Top losers in the Sensex pack include IndusInd Bank, Yes Bank, Vedanta, SBI, L&T, M&M, Tata Steel, RIL, TCS, ICICI Bank and HDFC twins, shedding up to 5 per cent.

According to traders, investor sentiment took a hit after the RBI lowered its benchmark lending rate to nearly a nine-year low of 5.75 per cent.(Bloomberg FILE)

business

Updated on Jun 06, 2019 02:12 PM IST

Mumbai | ByPress Trust of India

State Bank of India cuts lending rate: Here’s how it affects you

SBI’s marginal rate cut of 5 bps comes after the Reserve Bank of India’s consecutive rate cut by 50 bps in the February and April monetary policy.

Most SBI retail loans, including home loan, car loan and personal loans, are currently linked to one-year MCLR.(REUTERS File)

business

Updated on Apr 10, 2019 12:35 PM IST

Hindistan Times, Mumbai | ByVivina Vishwanathan

Reserve Bank of India faces trouble getting banks to cut rates

Latest data from the central bank shows the main overnight lending rate offered by commercial banks has been sticky in a range of 8.15 percent to 8.55 percent since the beginning of the year.

Lenders haven’t fully passed on the central bank’s latest interest rate cut to borrowers, pressuring the monetary authority to loosen policy even more to support economic growth.(AFP)

business

Updated on Mar 11, 2019 02:24 PM IST

Bloomberg | ByAnirban Nag and Rahul Satija

RBI note shows worst of NPA and credit growth problem may be over

The share of gross NPAs in total advances of banks, both in the public and private sector, peaked in March 2018, and has since declined — in both the June and September quarter of the current fiscal year. The NPA crisis is more widespread in the public sector banks.

A Reserve Bank of India (RBI) note based on unaudited financial statements of Scheduled Commercial Banks (SCBs) up to September 30, 2018, suggests that the worst of the non-performing assets (NPA) crisis facing India’s banks might be over and that credit growth may also be back.(REUTERS)

india news

Updated on Dec 06, 2018 08:07 AM IST

ByHT Correspondent

Sensex falls from record-high level, loses over 250 points; banks, metals drag

At 11.15 am,the BSE Sensex was trading 214.59 points or 0.57% lower at 37,307.03.

The Bombay Stock Exchange (BSE) building is pictured next to a police van in Mumbai.(REUTERS File Photo)

business

Updated on Aug 02, 2018 11:36 AM IST

Hindustan Times, New Delhi | ByHT Correspondent

Bank of India raises lending rate by 0.10% for various tenors

Bank of India joins big lenders such as SBI, ICICI Bank and HDFC Bank, which have already increased their MCLR making consumer loans such as auto, home and business loans costly.

Bank of India said the enhanced rates would come into effect from June 10, 2018.(Dhiraj Singh/Bloomberg)

business

Published on Jun 08, 2018 03:19 PM IST

Press Trust of India, New Delhi | ByPress Trust of India

RBI decision to hike interest rates was an ‘appropriate step’: IMF

In the context of rising inflation and additional upside risks due to higher oil prices, exchange rate depreciation and other domestic factors, the IMF thinks that this was an appropriate step by the RBI, said the spokesman for IMF.

RBI Governor Urjit Patel, at the RBI headquarters after the announcement of a 0.25% rate hike by the central bank, in Mumbai on Wednesday, June 06.(PTI Photo)

business

Updated on Jun 08, 2018 01:02 PM IST

Press Trust of India, Washington | ByPress Trust of India

More banks hike lending rates, EMIs for auto, home, business loans to go up

Joining big banks, Indian Bank and Karur Vsya Bank informed stock exchanges about hiking the MCLR by up to 10 basis points for different tenures

Some big lenders including SBI, ICICI Bank and HDFC Bank had increased their Marginal Cost of Funds-Based Lending Rates last week(Hemant Mishra/Mint)

business

Updated on Jun 07, 2018 05:26 PM IST

Press Trust of India | ByPress Trust of India

Loans to cost more as Bank of Baroda hikes lending rate ahead of RBI monetary policy

Bank of Baroda, SBI, PNB, ICICI Bank and Union Bank are among lenders which have raised interest rains for loans ahead of the RBI monetary policy decision.

The marginal cost of funds-based lending rate (MCLR) has been reviewed at 5 basis points above existing level with effect from June 7, BoB said in a statement.(Pramod Thakur/ Hindustan Times)

business

Updated on Jun 05, 2018 06:19 PM IST

Press Trust of India | ByPress Trust of India

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lending rate news

Latest from lending rate

The change will be effective June 15 and will result in higher EMIs for borrowers with loans linked to MCLR.

In January, consumer prices fell at their quickest rate in more than 14 years, piling pressure on the government for more aggressive moves.

Among key projections, the central bank has projected the country’s real (inflation adjusted) GDP growth at 6.5% in 2023-24

Following the reduction, HDFC’s new rates will now range between 7.5-8.5%. The move comes after State Bank of India reduced its marginal cost of funds based lending rate (MCLR) by 25 basis points across all tenors.

To safeguard the interests of senior citizens in the current falling rate regime, the bank has introduced a new product ‘SBI Wecare Deposit’ for them in the retail term deposit segment, SBI said in a statement.

This is the second consecutive bi-monthly meeting of the Monetary Policy Committee in this fiscal year 2019-20 in which the repo rate has been kept unchanged.

The RBI also revised GDP growth downwards to 5 per cent for 2019-20 from 6.1 per cent projected in its October policy.

“In view of the festival season and extending the benefits to customers across all segments, we have reduced our MCLR by 10 bps across all tenors,” the bank said in a statement.

State Bank of India, in a statement, said, “In view of the festival season and to extend the benefit to customers across all segments, the SBI has reduced its MCLR by 10 bps across all tenors.”

RBI’s six-member Monetary Policy Committee (MPC) has announced the fourth bi-monthly policy for 2019-20 on Friday, after a three-day meeting.

The State Bank of India in a release said that it will reduce interest rates by 10 basis points from tomorrow.

In the past, there has been a lot of talk of banks not being able to effectively transmit rate cuts to customers

The Reserve Bank of India’s (RBI) Monetary Policy Committee on Wednesday cut the interest rate by 35 basis points (bps) -- the fourth successive reduction -- to a nine-year-low level, in an attempt to boost an economy growing at its slowest pace in nearly five years.

The reduction will make all loans cheaper; for instance, the rate on home loans will come down to 8.25% from 8.4%. On a ₹30 lakh loan over a 20-year period, the savings would be ₹70,000.

The admission of the rising headwinds to growth led the monetary authority to slash the lending rates by an unprecedented 35 bps to 5.40 percent in the fourth successive rate reductions since Shaktikanta Das assumed power in December.

The Wholesale Price Index (WPI)-based inflation was at 2.45 per cent in May. It was 5.68 per cent in June 2018.

Economic Survey 2019: Finance Minister Nirmala Sitharaman tabled the Survey in Rajya Sabha a day before the maiden Union Budget of the new Narendra Modi government.

While the coming budget may incentivise job-oriented private investment and focus on skill-development initiatives, the government is likely to persuade banks, particularly public sector ones, to slash interest rates.

According to an SBI note, core CPI will go down and the headline CPI will increase, leading to convergence in coming months.

Bankers say that you will see a change in marginal cost of fund based lending rates (MCLR) when the asset-liability committee of individual banks meets next time.

The rupee opened at 69.23 the interbank forex market then gained further ground to touch 69.21 per dollar amid positive opening in domestic equities.

Top losers in the Sensex pack include IndusInd Bank, Yes Bank, Vedanta, SBI, L&T, M&M, Tata Steel, RIL, TCS, ICICI Bank and HDFC twins, shedding up to 5 per cent.

SBI’s marginal rate cut of 5 bps comes after the Reserve Bank of India’s consecutive rate cut by 50 bps in the February and April monetary policy.

Latest data from the central bank shows the main overnight lending rate offered by commercial banks has been sticky in a range of 8.15 percent to 8.55 percent since the beginning of the year.

The share of gross NPAs in total advances of banks, both in the public and private sector, peaked in March 2018, and has since declined — in both the June and September quarter of the current fiscal year. The NPA crisis is more widespread in the public sector banks.

At 11.15 am,the BSE Sensex was trading 214.59 points or 0.57% lower at 37,307.03.

Bank of India joins big lenders such as SBI, ICICI Bank and HDFC Bank, which have already increased their MCLR making consumer loans such as auto, home and business loans costly.

In the context of rising inflation and additional upside risks due to higher oil prices, exchange rate depreciation and other domestic factors, the IMF thinks that this was an appropriate step by the RBI, said the spokesman for IMF.

Joining big banks, Indian Bank and Karur Vsya Bank informed stock exchanges about hiking the MCLR by up to 10 basis points for different tenures

Bank of Baroda, SBI, PNB, ICICI Bank and Union Bank are among lenders which have raised interest rains for loans ahead of the RBI monetary policy decision.

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