NEW DELHI: Two major banks -- ICICI Bank and PNB -- raised their lending rates after the RBI increased the benchmark interest rate by 0.50 per cent on Friday.
The Reserve Bank of India (RBI) increased the key policy repo rate -- at which it lends short-term money to banks -- by a steep 50 basis points or 0.5 per cent to a three-year high of 5.40 per cent to tame high inflation.
