The Reserve Bank of India (RBI) on February 29, 2024, issued a notification regarding Lending and Deposit Rates of Scheduled Commercial Banks in February 2024.
Lending Rates:
•In January 2024, the weighted average lending rate (WALR) for fresh rupee loans of SCBs was recorded at 9.45 per cent, slightly up from 9.32 per cent in December 2023.
•For outstanding rupee loans of SCBs, the WALR stood at 9.85 per cent in January 2024, showing a marginal increase from 9.83 per cent in December 2023.
•The 1-year median Marginal Cost of fund-based Lending Rate (MCLR) of SCBs remained steady at 8.80 per cent in February 2024.
Deposit Rates:
•In January 2024, the weighted average domestic term deposit rate (WADTDR) for fresh rupee term deposits of SCBs declined to 6.43 per cent, compared to 6.49 per cent in December 2023.
•For outstanding rupee term deposits of SCBs, the WADTDR was recorded at 6.84 per cent in January 2024, slightly higher than the 6.83 per cent observed in December 2023.
[Notification No. 023-2024/1973]
