State-owned lender, IDBI Bank, on Wednesday, increased its marginal cost of lending rates (MCLR) by 10 basis points.

IDBI Bank increased the lending rates from 8.65% to 8.75% with effect from Friday (July 13), the bank said in a statement.

The bank has also raised its base rate from 9.50% to 9.60%.

Last month, India's top three banks in terms of lending, State Bank of India, ICICI Bank and Punjab National Bank increased their marginal cost of lending rates (MCLR) by 10 basis points, with effect from June 1, 2018, ahead of the Reserve Bank of India (RBI) policy meeting.

Insurance Regulatory Development Authority of India (IRDA) on June 29 has cleared the proposal by Life Insurance Corporation to acquire up to 51% stake debt-ridden IDBI Bank.

First Published:Jul 11, 2018 7:55 PM IST