India's HDFC, ICICI Bank raise loan, deposit rates

MUMBAI, June 30 (Reuters) - India's biggest mortgage firm Housing Development Finance Corp Ltd (HDFC.BO) and leading private bank ICICI Bank (ICBK.BO) said on Monday they were raising lending and deposit rates.

HDFC said its prime lending rate would go up by 50 basis points from Tuesday, and ICICI said rates on consumer loans would rise by 75 basis points on Tuesday.

Both banks also raised deposit rates between 50-100 basis points.

The increases come a week after the central bank raised its key lending rate by 50 basis points to 8.5 percent, its highest since March 2002 and the second increase this month, to rein in inflation, which has surged to 13-year highs. See [ID:nBOM196971]

The central bank also increased the proportion of deposits banks must keep with it to 8.75 percent from 8.25 percent, in two stages of 25 basis points each in July 5 and July 19.

State Bank of India (SBI.BO), the country's biggest bank, raised its prime lending rate by 50 basis points to 12.75 percent last Thursday.

At least three other banks, State Bank of Bikaner and Jaipur (SBKB.BO), Corporation Bank (CRBK.BO) and Union Bank of India (UNBK.BO), have also raised rates by 50 basis points in recent days. (Reporting by Prashant Mehra; Editing by John Mair)