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A week after the Reserve Bank of India’s (RBI’s) six-member monetary policy committee (MPC) increased the repo rate – the rate at which it lends to commercial banks – by 50 basis points (bps), State Bank of India (SBI), the country’s largest lender, on Wednesday increased its marginal cost of funds-based lending rate (MCLR) by 20 basis points across all tenors, with immediate effect.
The country's largest private-sector lender, HDFC Bank, and public-sector lender Bank of Baroda increased the rates on their fixed deposits of under Rs 2 crore – by up to 25 bps and 40 bps, respectively –
