From correspondents in Maharashtra, India, 12:03 AM IST

The country's largest private-sector lender ICICI Bank has raised lending rate by 75 basis points (bps) effective from Friday after the Reserve Bank of India (RBI) tightened the monetary policy earlier this week.

According to a statement issued by the bank, the corporate lending rate will go up to 17.25 percent from the existing 16.5 percent whereas the retail rate will be 14.25 percent from Thursday.

The bank has also hiked fixed deposit rates by 75-100 basis points effective from Friday.

(Staff Writer, © IANS)