HDFC Bank gets six months to move HDFC clients to external benchmark

The Reserve Bank of India (RBI) has given HDFC Bank six months to migrate HDFC’s home loan customers to external benchmark linked lending rate (EBLR), top sources in the bank told Business Standard.
 

Almost half of HDFC’s 5.4 million customers are home loan customers. It is mandatory for banks to link retail loans and loans to micro, medium and small enterprises to an external benchmark. Non-banking financial companies do not have such a mandate. Most banks’ retail loans are linked to the RBI’s repo rate.
 

Home loan rates have gone up sharply since May 2022, when the central bank started