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HDFC Bank Ltd is set to cut its marginal cost of funds-based lending rates (MCLR) across maturities by 75 to 90 basis points, effective Jan. 7, a source with direct knowledge said on Wednesday. The bank will set its one-year MCLR at 8.15 percent, while the six-month MCLR will be set at 8 percent, the source, who declined to be named. Several Indian banks including top lender State Bank of India lowered their lending rates this week after the government's scrapping of high-value bank notes led to billions of dollars in new deposits.
HDFC Bank Ltd is set to cut its marginal cost of funds-based lending rates (MCLR) across maturities by 75 to 90 basis points, effective Jan. 7, a source with direct knowledge said on Wednesday. The bank will set its one-year MCLR at 8.15 percent, while the six-month MCLR will be set at 8 percent, the source, who declined to be named. Several Indian banks including top lender State Bank of India lowered their lending rates this week after the government's scrapping of high-value bank notes led to billions of dollars in new deposits.
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