Hours after monetary policy decision, several banks follow RBI's signal; hike lending rates
The effective Repo Based Lending Rate (RBLR) with effect from December 7 is 9.10 per cent as per the revised repo rate (6.25 per cent), state-owned Bank of India posted on its website. Private sector HDFC Bank has hiked its marginal cost of funds-based lending rate (MCLR) effective Wednesday.
The one-year MCLR, which acts as benchmark for many consumer loans, has increased by 50 basis points to 8.60 per cent, HDFC Bank website said. Pic: PTI