The Industrial and Commercial Bank of China (ICBC) cut its MCLR by a whopping 143 basis points, or 1.43%, from 7.03% to 5.60%, in August.

Notably, ICBC had earlier in June increased its MCLR by 34 basis points, or 0.34%, from 6.69% to 7.03%.

Chart: ETBFSI Source: RBI