NEW DELHI: The country’s largest private sector lender HDFC Bank on Tuesday announced a 0.35 pc hike in lending rate. The hike, which came a day ahead of the RBI’s scheduled policy review, is the second such move from the lender in as many months, taking the cumulative hike to up to 0.60 pc. The RBI had surprised all with a 0.40 pc hike in key interest rates on May 4 to tame the inflation situation and is widely expected to follow up with further tightening of the policy today. HDFC Bank increased its Marginal Cost of funding based Lending Rate by 0.35 pc from June 7, as per the new rate structure published on its website. The one-year MCLR, on which a bulk of consumer loans are pegged, will be 7.85 pc after the newest review as against 7.50 per cent earlier.

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