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ICICI Bank raises prime lending rate by 100 bps

The benchmark advanced rate has been raised from 11.75 to 12.75 per cent.

india Updated: Mar 14, 2006 15:30 IST

The country's largest private sector bank ICICI has raised its prime lending rate (PLR) for corporate loans by one per cent from 11.75 per cent to 12.75 per cent.

"The hike will effect only corporate loans and not the retail portfolio," a bank spokesman said on Tuesday.

The corporate PLR, referred to as the ICICI Bank's Benchmark Advance Rate (IBAR) has come into effect from March 13, 2006, as per the details on the bank's website.

Notably, this is the third round of hike in bank's PLR after it had raised it by 25 basis in January and by 50 basis points to 11.75 per cent in early February.

One basis point is one hundredth of a percentage point.

Further, the bank had affected a 50 basis point increase across the board on deposits in early March.

First Published: Mar 14, 2006 11:04 IST