Private sector lender, ICICI Bank has raised lending rates by 25 basis points. The base rate of the bank thus now stands at 7.75%. The base rate of its immediate competitor HDFC Bank stands at 7.50%.
The new rates will be applicable on all loan products except for the fixed rate categories, the bank said. The bank has also raised interest rates on deposits of various maturities by 0.25-0.50%.
This step has been taken by the bank following rise of repo and reverse repo rates by RBI in monetary policy review that took place in September.
Several other banks have also raised their lending rates following RBI's move.