The Reserve Bank of India, (RBI) on June 30, 2023, issued a notification regarding Lending and Deposit Rates of Scheduled Commercial Banks - June 2023.
The following has been stated-
Lending Rates:
•The weighted average lending rate (WALR) on new rupee loans made by SCBs climbed from 9.08 percent in April 2023 to 9.27 percent in May 2023, a 19 basis point (bps) rise.
•The WALR on SCBs' outstanding rupee loans rose by 2 basis points from 9.76% in April 2023 to 9.78% in May 2023.
•In May 2023, the SCBs' 1-year median Marginal Cost of Fund based Lending Rate (MCLR) was 8.60 percent; in June 2023, it was 8.65 percent.
•At the end of March 2023, the percentage of MCLR-linked loans in the total outstanding floating rate rupee loans of SCBs was 45.5%, compared to 49.6% for EBLR-linked loans.
Deposit Rates:
•Fresh rupee term deposits made by SCBs at the weighted average domestic term deposit rate (WADTDR) declined by 4 basis points from 6.36 percent in April 2023 to 6.32 percent in May 2023.
•On outstanding SCB rupee term deposits, the weighted average domestic term deposit rate (WADTDR) increased by 9 basis points from 6.28 percent in April 2023 to 6.37 percent in May 2023.
[Notification No. 2023-2024/507]
