HDFC Bank cuts MCLRs by 5 basis pointshttps://indianexpress.com/article/business/banking-and-finance/hdfc-bank-cuts-mclrs-by-5-basis-points-5616644/

HDFC Bank cuts MCLRs by 5 basis points

The country’s largest private sector lender by market capitalisation has reduced the rates after back-to-back rate hikes in December and January.

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HDFC Bank’s overall advances grew 23.8 per cent year-on-year to nearly Rs 7.8 lakh crore as of December 31, 2018. (Reuters/File)

HDFC Bank on Thursday reduced the marginal cost-based lending rate (MCLR) for two- and three-years tenors by 5 basis points (bps) to 8.85 per cent and 9 per cent, respectively, according to the lender’s website.

The country’s largest private sector lender by market capitalisation has reduced the rates after back-to-back rate hikes in December and January.

MCLR for one, two and three-year tenors was raised by 5 bps in January to 8.75 per cent, 8.90 per cent and 9.05 per cent, respectively, while the rate was hiked by 5 bps for one, three and six-month tenors by 5 bps each in December last year. HDFC Bank’s overall advances grew 23.8 per cent year-on-year to nearly Rs 7.8 lakh crore as of December 31, 2018. —FE