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Systematix Research Report
Private banks and public sector banks increased their marginal cost of funds based lending rates by 10 basis points and 14 bps, respectively, month-on-month in November 2022 and by 105 bps and 63 bps over March–November 2022.
Among PSBs, frontline banks (State Bank of India and Union Bank of India) raised their MCLRs at a faster pace by 105 bps and 95 bps, respectively, during Mar–Nov-22. Bank of India, Indian Overseas Bank, Bank of Maharashtra, and UCO Bank were laggards.
Among private banks, Axis Bank Ltd., HDFC Bank Ltd,, ICICI Bank Ltd., IndusInd Bank Ltd., Kotak Mahindra Bank Ltd., and Bandhan Bank Ltd. raised their MCLRs at a much faster pace; old generation private banks (City Union Bank Ltd. and Federal Bank Ltd.) raised MCLRs at a much slower pace.
The customer segments of smaller and regional PSBs and regional old-generation private banks are either not able to absorb the higher lending rates, or these sets of banks are unable to compete with larger counterparts on rates.
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