Taking a cue from the Reserve Bank s monetary policy actions, leading public sector lender Union Bank of India on Saturday hiked its lending and deposit rates with effect from August 4. Shortly afterwards, ICICI Bank also announced a hike in its deposit rates while signalling a possible hike in lending rates as well. The country s largest private lender hiked deposit rates across various maturities by up to 75 basis points with immediate effect. We have increased our deposit rates across various maturities. Though there is an upward bias in rates, we are yet to take call on lending rates. We …

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