ICICI hikes home loan interest rates
Country's largest private bank ICICI Bank will hike interest rates by 50 basis points.india Updated: Jun 09, 2006 13:17 IST
Country's largest private bank ICICI Bank will hike interest rates by 50 basis points.
"The bank will raise interest rates by 50 basis points across all retail and corporate lending products," ICICI Bank Deputy Managing Director Chanda Kocchar told TV channels on Friday.
"The rise in the cost of funds will be passed on and we will take all necessary steps to protect margins," she said.
The Bank had expected interest rates to soften after March.
On Thursday, Reserve Bank of India had increased the reverse-repurchase rate by 0.25 per cent to 5.75 percent and the repo rate at which it adds funds to the banking system to 6.75 per cent.