The monthly data on lending and deposit rates of scheduled commercial banks (SCBs) (excl. regional rural banks and small finance banks) for Apr’23 suggests: 1) SCBs’ outstanding weighted average lending rate (WALR) continues to rise (up 4bps MoM). 2) However, WALR on fresh loans has seen MoM decline (down 23bps) in Apr’23, after 11 months of consecutive rise.