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ICICI Bank to cut lending rates from Sep 1

India's largest private-sector bank, ICICI Bank Ltd, said on Friday it would lower its prime lending rate on short- and medium-term loans by 50 and 100 basis points with effect from September 1.

For loans of up to one year, it reduced the rate by 100 basis points to 11.5 per cent, while for loans with tenors of one to three years, the bank will charge 12 per cent, a cut of 50 basis points, the bank said in a statement.

It kept the rate on long-term loans, with terms of more than three years, unchanged at 12.5 per cent.

ICICI Bank did not give reasons for the cut in the lending rates, but analysts said it was in line with the overall declining rate structure in the economy.

Shares of ICICI Bank ended up 3.09 per cent before the announcement, while the benchmark 30-share Bombay share index closed up 2.15 per cent.

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