Axis Bank hikes MCLR by 30 bps across the board, effective December 17

This comes after RBI's monetary policy committee raised repo rate by 35 bps earlier this month to take it to 6.25%

Private sector lender Axis Bank has hiked its marginal cost of funds-based lending rate (MCLR) by 30 basis points, effective December 17, the bank informed on Monday.

Accordingly, the overnight and one-month MCLR now stands at 8.55 per cent. The three-month rate has been revised to 8.65 per cent, and the six-month, to 8.70 per cent. Similarly, the one-year MCLR has been revised to 8.75 per cent and the two-year rate stands at 8.85 per cent, while the three-year MCLR is 8.90 per cent.

This comes after the six-member monetary policy committee (MPC) of the Reserve Bank of India raised