India's ICICI Bank raises lending rate by 75 bps

MUMBAI, July 31 (Reuters) - ICICI Bank (ICBK.BO), India's No.2 lender, on Thursday raised its main lending rates by 75 basis points after the central bank had raised its key rate earlier in the week.

The corporate lending rate will rise to 17.25 percent and retail rate to 14.25 percent from July 31, the bank said in a statement. It also raised fixed deposit rates by 75-100 basis points from August 1.

The central bank raised its key lending rate for the third time in two months on Tuesday, increasing it by 50 basis points to 9.0 percent, the highest in seven years. It also raised the cash reserve ratio by 25 basis points.

Top mortgage lender Housing Development Finance Corp (HDFC.BO), Punjab National Bank (PNBK.BO), Axis Bank (AXBK.BO) and Jammu & Kashmir Bank (JKBK.BO) have already raised their lending rates. (Reporting by Narayanan Somasundaram; Editing by John Mair)