HDFC Bank ups lending rate by 0.35%
The country’s largest private sector lender HDFC Bank on Tuesday announced a 0.35% hike in lending rate. The hike, which comes a day ahead of the RBI’s scheduled policy review, is the second such move from the lender in as many months, taking the cumulative hike to up to 0.60%.
The RBI had surprised all with a 0.40% hike in key interest rates on May 4 to tame the inflation situation and is widely expected to follow up with further tightening of the policy on Wednesday.
HDFC Bank increased its Marginal Cost of funding-based Lending Rate by 0.35% from June 7, as per the new rate structure. The one-year MCLR, on which a bulk of consumer loans are pegged, will be 7.85% after the newest review as against 7.50% earlier.