SBI & ICICI increased MCLR on 1st March 2018

Updates

Today on 1st march 2018, SBI increased the one-year MCLR by 20 basis points (bps) from 7.95% to 8.15%.
And ICICI Bank also increased the one-year MCLR from 8.2% to 8.3% and overnight MCLR rate from 7.8% to 7.95%.
This decision of increasing MCLR is taken just one day after increasing the deposit rate by SBI.
On 7th February 2018, while announcing monetary policy, RBI decided to link the bank base rate with MCLR with effect from 1st April 2018. The primary reason to switch from base rate to MCLR was to passing on the benefits of RBI rate cuts to borrowers. Now now this increase in MCLR is going to increase your EMI and make loans costlier.