HDFC raises RPLR by 10 basis points after RBI policy announcement
- Country:
- India
Ahead of the Reserve Bank's monetary policy announcement, mortgage lender HDFC Monday increased its retail prime lending rate (RPLR) by 10 basis points with immediate effect.
The new rates vary from 8.80 to 9.05 per cent on various slabs of loans. On Saturday, state-run Punjab National Bank had increased its benchmark lending rates or MCLR for short-term loans by up to 0.2 per cent, effective Monday.
With the revision, PNB's overnight marginal cost of funds based lending rate (MCLR) now stands at 8.2 per cent as against 7.9 per cent. The MCLR for a one-month tenor was raised to 8.10 per cent from 8.05 per cent earlier.
In the fourth monetary policy review to be announced on October 5, RBI is expected to raise the repo rate by 25 bps. An increase in the repo rate will be driven mainly on concerns over inflation and a weak rupee.
(With inputs from agencies.)
- READ MORE ON:
- rate
- Punjab National Bank
- cent
- lending
- lending rate
- Bank
- policy
- announcement
- MCLR
- raised
ALSO READ
World Bank received USD 11 billion fund for new financial instruments
HDFC Bank reports core net interest margin of 3.44 per cent on total assets.
HDFC Bank reports a significant increase in Q4 net profit, reaching Rs 17,622 crore
(Eds: Corrects to say preceding quarter) HDFC Bank's March quarter net profit rises 2.11 per cent to Rs 17,622.38 crore against Rs 17,257.87 crore in preceding Dec quarter.
Delhi Excise policy case: Court reserves order for Sisodia's bail plea, CBI says "he is influential"