Country’s largest private sector lender ICICI Bank jacked up auto loans by up to 0.75 per cent even before the RBI decided to increase statutory deposits last week as a part of inflation controlling measure. ICICI Bank could further revise rates depending on the market condition and competition.

Auto loan prior to the hike was in the range of 13.5-14 per cent, which have gone up by 0.75 per cent during the month.

Last week, the Reserve Bank (RBI) hiked Cash Reserve Ratio, the amount of depositors’ money that banks need to park with it, by half a per cent to tighten money supply. The hike, which would take CRR to 8 per cent, will impound Rs 18,500 crore from the banking system leading to reduction in the margins of the banks.