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    Diksha D Jadhav in India

    18-Oct-2022 06:07 AM


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    Banks hike MCLRs, repo-linked lending rates post RBI rate action

    New Delhi: Joining peer lenders, SBI, Kotak Mahindra Bank, and Federal Bank are the latest in the list to revise their marginal cost of funds-based lending rates (MCLRs) in addition to hikes in repo-linked rates from early October.

    Following a hike in repo rate by the Reserve Bank of India on September 30 by 50 basis points to 5.90 percent, banks raised their repo-linked lending rates by a similar margin.

    The country's largest lender State Bank of India (SBI) has revised the MCLR for the benchmark one-year tenor to 7.95 percent, up by 25 basis points from the previous rate, which came to effect from October 15, 2022.

    SBI has also raised the two- and three-year tenor MCLRs to 8.15 percent and 8.25 percent respectively, as against 7.90 percent and 8 percent.
    The direction was extended later for medium enterprises as well from April 1, 2020.
    the highest since April 2019, mainly aimed at arresting the high inflation.
    Source: Zeenews
    #RBIrate