Tamilnad Mercantile Bank hikes lending rates by 10-15 bps across tenures

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Private sector lender Tamilnad Mercantile Bank (TMB) on Monday (May 6) announced a revision in its Marginal Cost of Funds Based Lending Rates (MCLR) effective from May 7, 2024.

“…we wish to inform that the Marginal Cost of Funds Based Lending Rates (MCLR) of the Bank has been revised with effect from 07.05.2024,” according to a stock exchange filing.

The adjustment entails an increase ranging from 10 to 15 basis points (bps) across various tenures, the lender said.

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Under the revised rates, the overnight MCLR and one-month MCLR stand at 7.85%, up from the previous 7.75%. Similarly, the three-month MCLR has been revised to 8.60% from 8.50%, while the six-month MCLR now stands at 8.95%, up from 8.85%.

The most significant adjustment comes in the one-year MCLR, which has been elevated to 9.75% from the earlier 9.60%, the lender added.

Shares of Tamilnad Mercantile Bank Ltd ended at ₹485.50, up by ₹6.40, or 1.34% on the BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow