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The State Bank of Indias (SBI) has hiked its marginal cost of funds-based lending rate (MCLR) and base rate. The new rates are effective from December 15, 2023.
The RBI's Monetary Policy Committee (MPC), which makes recommendations to the central bank regarding interest rates, is set to meet again early next month amid expectations of another repo rate hike.
A change in benchmark lending rates pushes banks to tweak their interest rates on home, car, and other loans.