SBI bank raises lending rates and HDFC Bank, ICICI Bank, Axis Bank increase deposit rates. Between the growth in credit and in deposits there was a steep gap. It made a quick raise in the deposit funds and funds. SBI raised its marginal cost fund based lending rates by 15-25 bps. The overnight MCLR has hiked by 15 bps to 7.85 per cent. HDFC Bank, India's biggest private bank hiked rates by 75 bps to 7 per cent for deposits of less than 2 crore, that mature between 5 years plus 1 day and 10 years.
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