India's ICICI Bank raises benchmark lending rate

MUMBAI: ICICI Bank, India's second largest lender, said on Thursday it would raise its benchmark lending rate, or base rate, by 50 basis points to 10 percent with effect from Saturday.

State Bank of India, the country's top lender, also announced an increase of 50 basis points in base rate earlier on Thursday.

The Reserve Bank of India had last month raised its policy rates by a larger than expected 50 basis points the 11th increase since March 2010 in it bid to tame spiralling inflation.

Copyright Reuters, 2011