The private lender revised the overnight MCLR from 7.60 to 7.75%, one month MCLR from 7.75% to 7.90%, three months MCLR from 7.90% to 8.05%, six months MCLR from 8.25% to 8.40% and one year MCLR from 8.35% to 8.50%. The revised rates will be effective from Wednesday, 7 September 2022.

Further, the bank has also revised the Base Rate from 8.75% to 9.20% and BPLR from 13.75% to 14.20% with effect from Friday, 9 September 2022.

Karur Vysya Bank is a private sector bank headquartered in Karur, Tamil Nadu. It has a network of 789 branches, primarily in south India, and 2,237 ATMs and cash recyclers as on June 30, 2022.It provides both commercial and consumer banking services.

Net profit in Q1 FY23 grew by 110% to Rs 229 crore from Rs 109 crore recorded during Q1 of previous year. Net interest income for the quarter improved by approximately 17% to Rs 746 crore for the current quarter vis-à-vis Rs 638 crore for Q1 of previous year.

Shares of Karur Vysya Bank were down 1.18% to Rs 71.10 on the BSE.