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In April 2022, the State Bank of India (SBI) has hiked the marginal cost of lending rate (MCLR) by how many basis points (bps) across all loan tenors?

In April 2022, the State Bank of India (SBI) has hiked the marginal cost of lending rate (MCLR) by how many basis points (bps) across all loan tenors? Correct Answer 10

The correct answer is 10.

Key Points

  • The State Bank of India (SBI) has hiked the marginal cost of lending rate (MCLR) by 10 basis points (bps) across all loan tenors.
  • One basis point is equivalent to one-hundredth part of a percentage point.
  • The hike has come in with effect from 15 April 2022.
  • Earlier, the Bank of Baroda (BoB) too raised the marginal cost of funds-based lending rates by 5 bps across tenors.

Important Points

  • Tenor-wise MCLR effective from 15th April, 2022:
    • Over night - 6.75
    • One Month - 6.75
    • Three Month - 6.75
    • Six Month - 7.05
    • One Year - 7.10
    • Two Years - 7.30
    • Three Years - 7.40

Additional Information

  • MCLR:
    • Marginal Cost of Funds based Lending Rate (MCLR) is the minimum lending rate below which a bank is not permitted to lend.
    • MCLR replaced the earlier base rate system to determine the lending rates for commercial banks.
    • RBI implemented MCLR on 1 April 2016 to determine rates of interests for loans

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