ICICI Bank and PNB raise their external benchmark lending ratesz

Following the RBI's 0.50 percent increase in the benchmark interest rate on Friday, two major banks, ICICI Bank and PNB, raised their lending rates.

To combat high inflation, the Reserve Bank of India (RBI) raised the key policy repo rate by 50 basis points, or 0.5%, to a three-year high of 5.40%.

According to a notification, the ICICI Bank External Benchmark Lending Rate (I-EBLR) is referenced to the RBI policy repo rate with a mark-up over the repo rate.

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