The Reserve Bank of India (RBI) on January 31, 2024, issued the Lending and Deposit Rates of Scheduled Commercial Banks – January 2024.
The following are the highlights:
Lending Rates:
• The weighted average lending rate (WALR) on fresh rupee loans of SCBs stood at 9.32 per cent in December 2023 (9.41 per cent in November 2023).
• The WALR on outstanding rupee loans of SCBs was at 9.85 per cent in December 2023 (9.83 per cent in November 2023).1
• 1-Year median Marginal Cost of Fund based Lending Rate (MCLR) of SCBs moved to 8.80 per cent in January 2024 from 8.75 per cent in December 2023.
Deposit Rates:
• The weighted average domestic term deposit rate (WADTDR) on fresh rupee term deposits of SCBs increased to 6.49 per cent in December 2023 from 6.34 per cent in November 2023.
• The weighted average domestic term deposit rate (WADTDR) on outstanding rupee term deposits of SCBs was at 6.83 per cent in December 2023 (6.78 per cent in November 2023).
[Press Release: 2023-2024/1776]
