New Delhi [India], July 14 (ANI): The country's largest lender State Bank of India has decided to increase its marginal cost of lending rate (MCLR) on loans by 10 basis points or 0.10 per cent effective from July 15, 2022.

Mumbai (Maharashtra) [India], July 11 (ANI): Bank of Baroda said on Monday it has decided to hike the Marginal Cost of Funds Based Lending Rate (MCLR) by upto 0.15 per cent or 15 basis points with effect from 12th July.

New Delhi [India], June 14 (ANI): Borrowing costs for non-banking financial companies (NBFC) are expected to become costlier by 85-105 basis points in the current financial year due to an increase in policy rates by the Reserve Bank of India (RBI), CRISIL Ratings said in a report released on Tuesday.

Mumbai (Maharashtra) [India], June 7 (ANI): India's largest private sector lender HDFC Bank has increased its marginal cost of funds-based lending rates (MCLR) by 0.35 per cent or 35 basis points across all tenures, effective from June 7.

New Delhi [India], May 1 (ANI): HDFC consumers will pay a higher interest rate on loans as HDFC increased its Retail Prime Lending Rate (RPLR) on housing loans on which its Adjustable Rate Home Loans (ARHL) are benchmarked by 5 basis points with effect from today.

New Delhi Apr 19 PTI The countrys largest lender State Bank of India SBI has raised its marginal cost of funds based lending rate MCLR by 10 basis points bps or 01 per cent across all tenures a move that will lead to an increase in EMIs for borrowers The lending rate revision by SBI is likely to be followed by other banks in the days to come With the increase EMIs will go up for those borrowers who have availed loans on MCLR not for those whose loans are linked to other benchmarks SBIs EBLR rate is 665 per cent while the repo-linked lending rate RLLR is 625 effective April 1 Banks add Credit Risk Premium CRP over the EBLR and RLLR while giving any kind of loan including housing and auto loans The revised MCLR rate is effective from April 15 as per the information posted on SBI website With the revision one-year MCLR has increased to 710 per cent from the earlier 7 per cent An overnight one-month and three-month MCLR rose by 10 bps to 675 per cent whereas a six-month MCLR increased to 705 per cent Most of the loans are linked to the one-year MCLR rate At the same time two-year MCLR increased by 01 per cent to 730 per cent while three-year MCLR rose to 740 per cent From October 1 2019 all banks including SBI have to lend only at an interest rate linked to an external benchmark such as RBIs repo rate or Treasury Bill yield As a result monetary policy transmission by banks has gained traction The impact of the introduction of external benchmark-based pricing of loans on monetary transmission has been felt across various sectors encompassing even those sectors that are not directly linked to external benchmark-based loan pricing Looking ahead the proportion of loans linked to external benchmarks is expected to increase further along with a commensurate fall in the internal benchmark linked loans Coupled with shorter reset periods monetary transmission to banks interest rates can thus be expected to strengthen further a recently released article by RBI said PTI DP DRR

Our CorrespondentLudhiana August 20After amendment of Regulation 318 of the Electricity Supply Code-2014 by the Punjab State Electricity Regulatory Commission Punjab State Power Corporation Limited PSPCL has announced that consumers making advance payment of their electricity bills would be entitled to receive interest on deposit amount at the rate of seven per cent per annum for the financial year 2021-22In its commercial circular 332021 issued on August 13 2021 PSPCL Chief Engineer Commercial has said that the amended Regulation 318 says The consumer may deposit advance payment of future bills which shall be adjusted in the billsThe PSPCL shall however continue to issue monthlybimonthly bills which would indicate the amount adjusted and the balance amount of advance paymentThe distribution licensee shall give interest on the advance payment at marginal cost of funds based on lending rate MCLR for one year as applicable on April 1 of the financial year for which interest is payable subject to maximum of 705 per centThe credit for the interest shall be given when the advance payment becomes zero or on 31st March whichever is earlier for such advance paymentAs per the PSPCL circular the amended Regulation 318 shall be applicable to all licensees including entities exempted under Section 13 of the Act in their respective supply areas from the date of their publication in the official gazette of Punjab Government with effect from July 20 2021

Our CorrespondentLudhiana August 20After amendment of Regulation 318 of the Electricity Supply Code-2014 by the Punjab State Electricity Regulatory Commission Punjab State Power Corporation Limited PSPCL has announced that consumers making advance payment of their electricity bills would be entitled to receive interest on deposit amount at the rate of seven per cent per annum for the financial year 2021-22In its commercial circular 332021 issued on August 13 2021 PSPCL Chief Engineer Commercial has said that the amended Regulation 318 says The consumer may deposit advance payment of future bills which shall be adjusted in the billsThe PSPCL shall however continue to issue monthlybimonthly bills which would indicate the amount adjusted and the balance amount of advance paymentThe distribution licensee shall give interest on the advance payment at marginal cost of funds based on lending rate MCLR for one year as applicable on April 1 of the financial year for which interest is payable subject to maximum of 705 per centThe credit for the interest shall be given when the advance payment becomes zero or on 31st March whichever is earlier for such advance paymentAs per the PSPCL circular the amended Regulation 318 shall be applicable to all licensees including entities exempted under Section 13 of the Act in their respective supply areas from the date of their publication in the official gazette of Punjab Government with effect from July 20 2021