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Journalism of Courage
ICICI Bank,India’s second-largest lender,said it was raising its lending rates by 50 basis points from Wednesday,in line with the Reserve Bank of India’s tightening policy.
The private-sector lender said its prime lending rate would be 16.25 per cent and the floating reference rate for consumer loans would be 13.25 per cent.
On Monday,State Bank of India,the country’s largest lender,had said it was raising lending and deposit rates.
The Reserve Bank of India has raised its main short-term lending rate by 100 basis points since mid-March and the borrowing rate by 125 points,to rein in high inflation.
