MUMBAI: HDFC Bank, the second largest private sector lender of the country, has decided to reduce its marginal cost of funds-based lending rate (MCLR) by 75 to 90 bps across various loan tenures. Accordingly, its one-year MCLR rate will be 8.15 per cent as compared with 8.9 per cent while its six-month MCLR will be 8 per cent as against 8.85 per cent earlier. The new rates come into effect from January 7. Public sector lender Canara Bank has also reduced its MCLR by about 70 per cent and its one year MCLR is fixed at 8.45 per cent. — Special Correspondent
