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HDFC Bank raises key lending rate by 45 bps

Source : REUTERS
Last Updated: Thu, Feb 24, 2011 04:57 hrs
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HDFC Bank Ltd, India's third-largest lender, has raised its key lending rate, or the base rate, by 45 basis points with effect from Thursday.

The bank's new base rate will be at 8.20 percent per annum, HDFC Bank said in a statement on its website late on Wednesday.

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ICICI Bank, India's No. 2 lender, said on Wednesday the bank would raise its base rate by 50 basis points to 8.75 percent per annum with effect from Thursday.

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India's central bank has raised rates seven times since mid-March last year to rein in high inflation.

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