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ICICI Bank and HDFC Bank rises lending rates

February 24, 2011‐ Mumbai, Maharashtra, India

Home and Auto loans from ICICI Bank and HDFC Bank will are hiked today. ICICI Bank has hiked the loan base rate by 50 basis points or 0.5%. HDFC Bank has hiked them by 45 basis points or 0.45%. The new rates will be effective tomorrow.

Hike in loan rates would mean either a hiked EMI or an increased EMI paying tenure.

The present banking scenario is showing a higher deposit rate as well as higher loan interest rate. It may be recalled this move is in response to the Reserve Bank of India, the Indian Central Bank’s tightening of the monetary policy.

Almost all top notch banks have already hiked the rates. The list includes India #1 bank State Bank of India, Punjab National Bank, Union Bank of India and Indian Overseas Bank, IDBI, Dena Bank, Bank of India, Union Bank of India, Syndicate Bank, Development Credit Bank, Andhra Bank, SBI FCNR Deposits, Bank of Baroda which have upped their rates recently. This move of the banks is in reaction to the Reserve Bank of India's change in lending and reverse repo rates on January 25, 2011.

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