SBI not to hike lending rates now: OP Bhatt | business | Hindustan Times
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SBI not to hike lending rates now: OP Bhatt

business Updated: Mar 20, 2010 14:24 IST

The country's largest lender SBI on Saturday said that it has no plans to hike lending rates immediately, and would wait for further signals from the Reserve Bank to arrive at any decision.

"There is no plan to hike our lending rates immediately. We will wait till the April policy (of the RBI) to take a call (on hiking lending rates)," SBI Chairman OP Bhatt told reporters in Mumbai on Saturday.

He noted that there was sufficient liquidity in the banking system currently.

The RBI on Friday raised repo and reverse repo rates (short-term lending and borrowing rates) by 0.25 per cent each to 5 per cent and 3.75 per cent, respectively.

Bhatt said the Reserve Bank is expected to tighten its monetary stance further in the 2010-11 annual policy next month.

"Further monetary tightening is expected in the April policy," Bhatt said.

Commenting on SBI's credit growth, Bhatt said the bank has targeted a credit growth of 20 per cent in the next financial year on the back of improving demand.