ICICI Bank hikes lending and deposit rates

The largest private sector bank in the country, ICICI Bank has announced a hike in the lending and deposit rates. The bank has raised the deposit rates in the range of 25 to 50 basis points.

The bank also raised the base rate by 50 basis points to 8.75 percent. another close competitor of the lender, HDFC bank has also announced a hike in the deposit rates.

Various other leading banks in the country have already raised their key interest rates because of the hike made by the Central bank in the key lending rates.

It is the seventh time since mid march, last year that central bank has hiked the interest rates.

ICICI bank ties up with Aircel

The largest private sector bank in the country, ICICI Bank has signed an agreement with telecom company Aircel. The bank has appointed the telecom company as a business correspondent that will offer various products of the bank to the population staying in the far flung areas of the country.

The bank will use the customer base of the company to distribute various products to the unbanked areas of the country. ICICI Bank has also tied up with another leading telecom company, Vodafone for similar purpose last month.

This is an effort from the bank to provide basic banking facilities to the unbaked areas of the country, under the Financial Inclusion Plan.