 "HDFC Bank reduces MCLR by 30 bps to 8.80% across tenures, effective July 7")
HDFC Bank, the country’s largest private sector lender, has reduced its marginal cost of funds-based lending rate (MCLR) by 30 basis points (bps), effective July 7.
Accordingly, the bank’s MCLR now ranges from 8.60 per cent to 8.80 per cent, with the overnight and one-month MCLR at 8.60 per cent; three-month MCLR at 8.65 per cent; six-month, one-year and two-year MCLR at 8.75 per cent. The three-year MCLR now stands at 8.80 per cent.
This comes after the Reserve Bank of India (RBI) reduced the policy repo rate by 50 bps in its June policy. Cumulatively, the RBI has cut the policy repo rate by 100 bps since February.
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