HDFC Bank has reduced its marginal cost of funds-based lending rate (MCLR) by 10 basis points across all tenors. Sources said the new lending rates will be effective from August 7. With this, the one-year MCLR for the bank is now at 8.6 per cent. The move comes just a day before the third bi-monthly monetary policy review by the Reserve Bank of India (RBI).

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