Public-sector lender State bank of India has hiked the Marginal Cost Of Funds Based Lending Rate (MCLR) rate for various tenors once again. The lender had previously increased MCLR exactly a month ago. With the latest hike in rates, overnight, one-month, and three-month MCLR has increased to 7.15% from 7.05%, while the MCLR on six-month tenure is up at 7.45% from 7.35% that was earlier. The one-year MCLR rate has been increased to 7.5% from 7.4%. The rate hikes by various banks were started in anticipation of a hawkish rate hike cycle by the Reserve Bank of India.
To be updated….