HDFC Bank to cut lending rates by 75-90 bps - source

MUMBAI (Reuters) - HDFC Bank Ltd is set to cut its marginal cost of funds-based lending rates (MCLR) across maturities by 75 to 90 basis points, effective Jan. 7, a source with direct knowledge said on Wednesday.

The bank will set its one-year MCLR at 8.15 percent, while the six-month MCLR will be set at 8 percent, the source, who declined to be named, told Reuters.

Several Indian banks including top lender State Bank of India lowered their lending rates this week after the government's scrapping of high-value bank notes led to billions of dollars in new deposits.

(Reporting by Devidutta Tripathy; Editing by Amrutha Gayathri)