HDFC Bank cuts lending rate by 20 bps on decline in borrowing cost; one-year MCLR revises to 7.95%
Largest private sector lender HDFC Bank has cut its lending rate by 0.20 percent, amidst a gradual decline in the cost of borrowing across the system

Mumbai: Largest private sector lender HDFC Bank has cut its lending rate by 0.20 percent, amidst a gradual decline in the cost of borrowing across the system.

Representational image. Reuters
The marginal cost of funds based lending rate (MCLR) has been reviewed across tenors since Tuesday, according to its website.
Click here to follow LIVE news and updates on stock markets
The revised overnight MCLR stands at 7.60 percent, while the one-year MCLR, to which a host of loans are linked, has been reviewed to 7.95 percent.
The three-year MCLR stands at 8.15 percent from 7 April onwards, it said.
Rates across the banking system have been headed south for the last few months, as the RBI and the government work in tandem to push the sagging economic growth. The RBI last month cut the policy rate by 0.75 percent to spur growth amid the COVID-19 crisis.
also read

RBI orders forensic audit of Mobikwik systems after platform denies data breach allegations
Mobikwik claims that its systems are secure and that there is no basis to the allegations of data breach.

PSU banks may take hit of Rs 2,000 cr due to SC order on loan compound interest waiver
The apex court's judgment covers loans above Rs 2 crore, as loans less than the amount got blanket interest on interest waiver in November 2020

Bank Holidays 2021: Check full list of days banks to remain shut in April
The first holiday was on Thursday, 1 April for the closing of accounts. On Friday, 2 April, banks will have their second day off on the occasion of Good Friday