State Bank of India increases MCLR by 10 bps, second hike since June

State Bank of India has hiked its marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps), effective July 15. The overnight, one-month, and three-month MCLR now stand at 7.15 per cent. 

The six-month MCLR is at 7.45 per cent; one-year MCLR is at 7.50 per cent; two-year MCLR is at 7.70 per cent; and three-year MCLR is at 7.80 per cent. 

SBI increased its MCLR by 20 bps in June, a week after the six-member monetary policy committee increased the repo rate by 50 basis points (bps) to 4.90 per cent. 

The revision in lending rates follows the hike in