MUMBAI: Axis Bank has again raised its Marginal Cost of Funds based lending rates (MCLR). The MCLR has announced a 10 basis point increase on loans up to three months to three years. The decision also came into effect from February 17. The Bank said the three-month long MCLR is 8.15 per cent, six months MCCL 8.30 per cent and 8.40 per cent in the bank’s stock exchanges.
This is the second time in two months to increase interest rates. In January, the MCLR raised 5 basis points. Most MCLR indicates that bank deposit rates are likely to rise. Liquidity in the banking sector has grown over the past two months. Banks have to pay for their deposits with the MCLR.