A cut in the loans by SBI, ICICI bank has come to the table this morning. SBI is cutting off 0.15 per cent of loan rate whereas ICICI will be cutting off 0.10 per cent from the money they lend.
The move of cutting the marginal rates of loan was followed by the State Bank of India after the private lending sector- ICICI did it on the morning after Dhanteras.
Under these new revised rates by the banks, the MCLR will give loans at 8.90 per cent by SBI and 8.95 per cent by the ICICI banks.
Even after the introduction of the MCLR, the central bank continues to be concerned on the issue of transmission which was flagged by Governor Urjit Patel at his maiden policy review this month. Banks are given a set formula to compute the MCLR based on cost of funds and are required to review it on a monthly basis, when the calls on the new rate structures are taken.
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