In a move to control inflation, bank regulator RBI increased the repo rate in Monetary Policy Meeting. As a result, the majority of banks hiked their fixed deposits rate. Also, the lenders hiked MCLR as a consequence of the move. Swipe the photos to check the list of banks that hiked MCLR in 2023 and their current lending rate.
Private sector leading bank HDFC Bank hiked MCLR up to 25 bps all across tenures. The altered rate came into effect on January 7, 2013.
Punjab National Bank joined the lending rate hike spree on January 1. The conglomerate increased up to 40 basis points across all tenures. The altered rate came into effect on January 1.
Bank of India also hiked MCLR on the event of New Year i.e January 1, 2023. The bank increased the rate up to 15 basis points across all tenures. The increment results in 8.5 percent of MCLR.
The leading private sector bank, ICICI Bank hiked the lending rate on the eve of January 1, 2023, up to 25 basis points. The new lending rate of the behemoth increased to 8.4 percent from 8.15 percent.
Effective from January 7, 2023, Canara Bank hiked MCLR by 20 basis points to 7.50 percent from 7.30 percent previously.
The public sector bank also welcomes the new year by increasing the lending rate up to 35 basis points across all tenures. The altered rate came into effect on January 12.