HDFC Bank raise MCLR by 0.20 pc

The country's largest private sector lender HDFC Bank, announced a 0.20 percent increase in its Marginal Cost of Funds based Lending Rate (MCLR) for all tenors on Thursday.

The lender has made three similar moves since May, bringing the total number of rate increases to 0.80 percent.

Since switching to rate tightening in the first week of May, the RBI has increased rates by a total of 0.90 percent because it felt that its primary goal of managing inflation was becoming trouble. Analysts have been anticipating additional rate increases from the central bank in the coming days as pressure to raise prices is anticipated to persist.

The one-year MCLR, to which many consumer loans are tied, will now be 8.05 percent as opposed to 7.85 percent earlier, according to HDFC Bank.

According to the bank's website, the three-year MCLR will be 8.25 percent and the overnight MCLR will be 7.70 percent instead of 7.50 percent.

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