The Reserve Bank of India (RBI) on July 31, 2023, issued a Press Release regarding the Lending and Deposit Rates of Scheduled Commercial Banks (excluding regional rural banks and small finance banks) for the month of July 2023
The following has been stated namely: -
Lending Rates:
• The weighted average lending rate (WALR) on fresh rupee loans of SCBs decreased by 7 basis points (bps) from 9.2 percent in May 2023 to 9.20 percent in June 2023.
• The WALR on outstanding rupee loans of SCBs increased by 4 bps from 9.78 percent in May 2023 to 9.82 percent in June 2023.
• 1-Year Median Marginal Cost of Fund based Lending Rate (MCLR) of SCBs decreased from 8.65 percent in June 2023 to 8.63 percent in July 2023.
Deposit Rates:
• The weighted average domestic term deposit rate (WADTDR) on fresh rupee term deposits of SCBs increased by 2 bps from 6.32 percent in May 2023 to 6.34 percent in June 2023.
• The WADTDR on outstanding rupee term deposits of SCBs increased by 10 bps from 6.37 percent in May 2023 to 6.47 percent in June 2023.
[Press Release: 2023-2024/678]
