diff --git a/CHANGELOG.md b/CHANGELOG.md
index 95ea1008..1423bb5f 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,6 +4,10 @@ All notable changes to this project will be documented in this file.
 The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/)
 and this project adheres to [Semantic Versioning](http://semver.org/spec/v2.0.0.html).
 
+## 1.31.1 - 2023-08-09
+### Fixed
+- `mem_to_banks`: Keep defaut values for localparams
+
 ## 1.31.0 - 2023-08-08
 ### Added
 - Add `mem_to_banks_detailed`: `mem_to_banks` with detailed response signals
diff --git a/common_cells.core b/common_cells.core
index 865a46a7..1868c428 100644
--- a/common_cells.core
+++ b/common_cells.core
@@ -1,6 +1,6 @@
 CAPI=2:
 
-name : pulp-platform.org::common_cells:1.31.0
+name : pulp-platform.org::common_cells:1.31.1
 
 filesets:
   rtl: