Table 1 Transmission of Monetary Policy with tightening and easing policy cycles under various regimes of Internal benchmarks (basis points).
From: Monetary policy transmission in India under the base rate and MCLR regimes: a comparative study
Phase | Change in repo rate (cumulative) | Public-sector banks | Private-sector banks | Foreign banks | SCBs | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Change in dep rate (cumulative) | Change in lending rate (outstanding) | Change in lending rate (fresh rupee) | Change in dep rate | Change in lending rate (outstanding) | Change in lending rate (fresh rupee) | Change in dep rate | Change in lending rate (outstanding) | Change in lending rate (fresh rupee) | Change in dep rate | Change in lending rate (outstanding) | Change in lending rate (fresh rupee) | ||
BPLR regime | |||||||||||||
Tightening Apr. 04–Sept. 08 | 300 | 241 | 9 | – | 296 | −60 | – | 295 | −190 | – | 253 | −23 | – |
Easing Oct.08– Feb. 10 | −425 | −143 | −184 | – | −247 | −156 | – | −363 | −200 | – | −174 | −181 | – |
Tightening Mar. 10– Jun 10 | 50 | – | – | – | – | – | – | – | – | – | – | – | – |
Base rate regime | |||||||||||||
Tightening Jul. 10– Mar.12 | 325 | 206 | 229 | – | 272 | 129 | – | 358 | 103 | – | 222 | 203 | – |
Easing Apr. 12– Jun 13 | −125 | 9 | −60 | – | 9 | −8 | – | 9 | 39 | – | 9 | −44 | – |
Tightening July 13–Dec. 14 | 75 | −10 | −35 | −16 | −10 | 1 | 45 | 36 | −46 | 9 | −9 | −28 | 5 |
Easing Jan. ’15– Mar. ’16 | −125 | −93 | −58 | −98 | −85 | −88 | −112 | −89 | −72 | −68 | −91 | −64 | −98 |
MCLR regime | |||||||||||||
Easing April ’16– May ’18 | −75 | −108 | −98 | −119 | −93 | −93 | −106 | −77 | −101 | −113 | −102 | −95 | −107 |
Tightening June ’18– Jan. ’19 | 50 | 13 | −16 | 37 | 29 | 57 | 78 | 60 | 35 | 75 | 20 | 13 | 57 |
Easing Feb ’19 to July ’19 | −110 | −6 | 2 | −15 | −5 | 13 | −34 | −37 | −19 | −44 | −6 | 6 | −20 |
