ICICI to hike lending, deposit rate by 50 points

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ICICI bank
Mumbai, Aug 17: After SBI, now it's ICICI bank, which announced that it would raise its lending rates by 50 basis points from Wednesday, Aug 18.

ICICI bank, India's second-largest lender, said that it is increasing its lending rates to cope up with Reserve Bank of India's tightening policy.

The lender said its prime lending rate would be 16.25 percent.

However, its floating reference rate for consumer loans would be 13.25 percent.

State Bank of India, the country's largest lender, had also said on Monday, Aug 16 that it would hike lending and deposit rates.

To rein in high inflation, the Reserve Bank of India (RBI) had raised its main short-term lending rate by 100 basis points since mid-Mar 2010 and the borrowing rate by 125 points.

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