Current Affairs - Banking - Discussion

India's major banks SBI, PNB and ICICI bank raised the lending rate making the loans costlier. They increased their benchmark lending rate (MCLR) by 10 basis points or by 0.1 %. SBI has increased its lending rate by 10 basis points for all tenors upto 3 years. The MCLR for overnight and one month tenors is for 7.9% and for the three years tenor is 8.45%. PNB has raised tenors for 3 and 5 years to 8.55% and 8.7% PNB has also raised the base rate of 9.15% to 9.25%. ICICI has raised MCLR for 5 year tenors to 8.70% and also changed tenors for three and one year.