Against SBI's Lending Rate Cut By 30 Bps, Axis Bank Ups MCLR By 5 Bps

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Only a few days after the state-run lender thought it wise to effect rate cuts by a huge 30 basis points to pass on the key interest rate to the end consumer, Axis bank upped its MCLR rate on the contrary by 5 bps.

    Know what reduction in loan rate means for end borrowers

    The one year MCLR based on which its home loan and other products are charged now would stand at 8.3% effective today. This has been brought about as the third largest private sector has been struggling with the margins for quite a few quarters.

     

    The gains witnessed in banking sector due to recapitalization programme of the govt through equity capital raising and issuance of recap bonds moved sentiments of the banking sector higher.

    But the momentum is unlikely to sustain as mark to market losses due to rising yields are unlikely to get RBI's dispensation as provided in the hawkish statement of RBI's DG.

    Goodreturns.in

    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more