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