ICICI raises benchmark lending rate by 50 bps

Mumbai: ICICI Bank, India's second-largest lender, said on Thursday it would raise its benchmark lending rate, or base rate, by 50 basis points to 10 per cent with effect from Saturday.

State Bank of India , the country's top lender, also announced an increase of 50 basis points in base rate earlier on Thursday.

The Reserve Bank of India had in July raised its policy rates by a larger-than-expected 50 basis points, the 11th increase since March 2010, in it bid to tame spiralling inflation.