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1. Fixed Rate Loans
As per Section 13(d)(v) of the Directions, fixed rate loans are exempted from being linked to MCLR as the benchmark for determining interest rate. On a review, it has been decided that fixed rate loans upto three years shall be priced with reference to MCLR. Fixed rate loans of tenor above three years will continue to be exempted from MCLR system. Accordingly, Section 13(d)(v) of the Directions has been modified.
2. Computing Marginal Cost of Funds
As per Annex to Section 6(b) of the Directions, for computing Marginal Cost of Funds, balances of deposits and other borrowings outstanding as on the previous day of review shall be reckoned. On a review, it has been decided that banks will have the option to reckon the outstanding balances of deposits and other borrowings as on any day, not more than seven calendar days, prior to the date from which the MCLR becomes effective. The chosen time lag shall be maintained consistently for a period not less one year. Accordingly, Annex to Section 6(b) of the Directions has been modified.
3. MCLR of Various Maturities
As per Section 6(b)(viii) of the Directions, banks are required to publish MCLR for various tenors. It is clarified that the tenor of the MCLR calculated as per the Annex shall correspond to the following:
the tenor of the funds in the single largest maturity bucket, provided it is more than 30 per-cent of the entire funds reckoned for determining the MCLR.
the weighted average tenor of two or more maturity buckets that together account for more than 30 per-cent, if no single maturity bucket accounts for more than 30 per-cent of the funds. The maturity bucket shall be arrived at by calculating the cumulative weightage based on the descending order of the maturity time buckets.
Accordingly, Section 6(b)(vii) of the Directions has been inserted and Section 6(b)(viii) has been modified. Other sections have been renumbered.
4. Effective Date for applying MCLR on Floating Rate Loan
As per Section 9(a) and 9(b) of the Directions, MCLR prevailing on the day a floating rate loan is sanctioned shall be applicable till the next reset date. On a review, it has been decided that MCLR prevailing on the date of first disbursement, whether partial or full, shall be applicable on the floating rate loan and future reset dates determined accordingly. Accordingly, Section 9(a) and 9(b) of the Directions have been modified.
SC directs to sell Sahara properties to repay investors. to sell Sahara properties whose title deeds are in its custody.
SC: can sell Sahara assets at not below 90% of circle rates.
Sahara to SC: Have submitted property deeds worth Rs 40,000 cr to . In deal to sell Gurgaon Choma asset for Rs 740 cr.
GOVT extends wheat import tax by three months to June 30
: State Development Loans limits to be raised in 2 tranches of Rs 3,500 cr each.
: Investment limit by FPI in G-secs to be raised by Rs 10,000 cr from July 5. Unutilised limits to be made available to open category.
: Investment limit by FPI in G-secs to to be raised in 2 tranche by Rs 10,500 cr from April 4.
Anil Aggarwal
Owner & Manager at Anil Aggarwal Coaching
(A proprietorship concern for IBPS exam guidance and Bank Interview preparation)
Mobile: +91 9811340788
Office: Flat #49, Trilok Apartments, Patparganj, I.P. Extension, Delhi-110092.
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