iconimg Tuesday, September 01, 2015

August 22, 2013
Housing Development Finance Corp Ltd (HDFC), the country's biggest mortgage lender, said on Thursday it will increase its retail prime lending rate by 0.25%, effective from Friday.

Earlier on Thursday, ICICI Bank, the country's second-largest lender, became the latest bank to raise interest rates, lifting its base rate by 25 basis points to 10%.

The rise in interest rates comes after the central bank introduced monetary tightening measures this quarter to bolster the rupee, which fell to a record low against the dollar on Thursday.

HDFC said it had reduced its retail prime lending rate by 10 basis points in February this year and, therefore on a net basis the rate will be higher by 15 bps since January.