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The State Bank, which accounts for more than a fifth of India's banking assets, will lower the 1-year MCLR to 7.95 per cent from 8 per cent. Most banks sharply reduced marginal cost of lending rates (MCLR) in January 2017, post demonetisation exercise after they saw huge inflow of deposits.
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About MCLR :
The RBI last year unveiled the MCLR or Marginal Cost-based Lending Rates, which sought to remove much of the discretion commercial banks have to set lending rates. MCLR refers to the minimum interest rate of a bank below which it cannot lend, except in some cases allowed by the RBI. It is an internal benchmark or reference rate for the bank.
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