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Informist, Tuesday, Dec. 31, 2024

--RBI: Weighted avg rate on new bank deposits 6.46% Nov, up 2 bps from Oct 

--RBI: Weighted avg rate on new bank loans 9.40% Nov, down 14 bps from Oct 

MUMBAI – The weighted average lending rate on fresh rupee loans of scheduled commercial banks fell to 9.40% in November, from 9.54% a month earlier, data released by the Reserve Bank of India on Tuesday showed.

Lending rates for public sector banks on fresh loans fell faster than private sector banks on a month-on-month basis, the data showed. The weighted average lending rate of public sector banks fell 12 basis points on month to 8.59%, while those of private banks declined 4 basis points at 10.31% in November. Weighted average lending rate of foreign banks fell by 14 basis points to 9.22%.

The weighted average lending rate on outstanding rupee loans eased by 1 basis point on month to 9.89% in November. The one-year median marginal cost of fund-based lending rate of scheduled commercial banks remained unchanged at 9.00% in December as compared to a month ago.

In the case of deposits, the weighted average domestic term deposit rate on fresh rupee deposits rose 2 bps on month to 6.46% in November.

The weighted average domestic term deposit rates on fresh deposits of public sector banks rose by 3 bps on month to 6.93%, while the rates of private sector banks rose 3 bps to 6.51% in November.  End

Reported by Kabir Sharma

Edited by Saji George Titus

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