Weighted average lending rates on fresh loans and deposits fell marginally by 16bps and one bps ( one basis point is 0.01 percent) respectively in May according to the latest data released by the Reserve Bank of India.
The weighted average lending rate (WALR) on fresh rupee loans of commercial banks stood at 9.39 per cent in May 2024 from 9.55 per cent in April 2024
Even the weighted average domestic term deposit rate (WADTDR) on fresh rupee term deposits of commercial banks at 6.47 per cent in May 2024 one basis point lower compared to 6.48 per cent in April 2024.
The weighted average domestic term deposit rate (WADTDR) on outstanding rupee term deposits was at 6.93 per cent in May 2024 compared to 6.91 per cent in April 2024, RBI said. This excludes the impact of the merger of HDFC with HDFC Bank.
But the WALR on outstanding rupee loans was unchanged at 9.83 per cent in May 2024. This excludes the impact of the merger of HDFC with HDFC Bank.
One-Year median Marginal Cost of fund-based Lending Rate (MCLR) moved to 8.85 per cent in June 2024 from 8.79 per cent in May 2024.
The share of External Benchmark based Lending Rate (EBLR) linked loans in total outstanding floating rate rupee loans of SCBs was 57.5 per cent at end-March 2024 (56.9 per cent at end-December 2023, while that of MCLR linked loans was 38.3 per cent compared to 38.8 per cent at end- December 2023. This excludes the impact of the merger of HDFC with HDFC Bank.
