Banking stocks in focus: Major bank's cut their MCLR
DSIJ Intelligence / 02 Jan 2017
The Banking stocks will be in focus in Jan 2's trade. The Indian banks have started cutting their MCLR rates as they have received huge pile of deposits, post demonetisation since November 8. State Bank of India has reduced its interest rate by 90 basis points.
The Banking stocks will be in focus in Jan 2's trade. The Indian banks have started cutting their MCLR rates as they have received huge pile of deposits, post demonetisation since November 8. State Bank of India has reduced its interest rate by 90 basis points. IDBI and SBI Travancore have reduced their rates by 15 to 30 bps each. Union Bank of India has cut its MCLR by 65-90 basis point.
According to the data released by RBI, as on December 9 the deposit growth has risen by 15.9 per cent; whereas credit growth has slowed to 5.8 per cent.The move will not only be a big booster to the stock, but other than that it will give a stimulus to the economy, which in a way has been hampered by demonetisation.
Many analysts believe that Q3's growth is expected to be timid. However, the actual figures would be interesting to watch when they come out by Feb this year.
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