Public sector lender State Bank of India has again increased the Marginal Cost of Funds Based Lending Rate (MCLR) for several maturities. The lender had previously raised the MCLR exactly one month ago. With the latest rate hike, the one-month, one-month and three-month MCLR is up from 7.05% to 7.15%, while the six-month MCLR is up 7.45% from 7.35% it was previously. The one-year MCLR rate has been increased from 7.4% to 7.5%. Rate hikes by several banks were initiated in anticipation of an aggressive rate hike cycle by the Reserve Bank of India.
To be updated†