ICICI Bank hikes lending rates by 50 basis points each

ICICI Bank

Mumbai: Country's chief exclusive sector lender ICICI Bank and five state-owned banks at the moment raised their lending tax by not far off from 50 basis points both, making automobile, mother country and other loans expensive.

Union Bank of India, Indian Overseas Bank, United Bank of India, Andhra Bank and State Bank of Bikaner and Jaipur are the shared sector banks with the aim of raised consequence tax.

The decision of the banks to raise the consequence tax comes inside days of the Reserve Bank increasing small designate lending (repo) and borrowing (reverse repo) tax by 50 bps, with an aspiration to calm down inflation, which has hovered beyond the government's comfort level.

Several other banks together with Punjab National Bank, Canara Bank, Bank of Baroda and Indian Bank maintain already increased their consequence tax.

ICICI Bank raised its center rate by 50 bps to 9.25 apiece cent and Benchmark Prime Lending Rate (BPLR) to 18 apiece cent. The another tax will approach into effect...