SBI likely to hike rates in 15 days: Chairman
A day after the Reserve Bank raised key policy rates, country's largest lender State Bank of India's chairman Pratip Chaudhuri on Saturday said there will be a hike in its interest rates in the next 15 days.india Updated: Sep 17, 2011 20:52 IST
A day after the Reserve Bank raised key policy rates, country's largest lender State Bank of India's chairman Pratip Chaudhuri on Saturday said there will be a hike in its interest rates in the next 15 days.
"In another 15 days we will...if the input prices go up, the output has to go up," Chaudhuri told reporters on the sidelines of a conference in Mumbai.
When asked about the likely quantum of the rate hike and if it will be at par with RBI's 25 basis point hike, he said, it will be "roughly" the same.
With an eye on taming high inflation, which stood at 9.74% for August, RBI on Friday hiked its short term lending rate by 25 basis points to 8.25%.
Indian Overseas Bank chairman and managing director M Narendra had also said on Friday that banks needed to pass on the hike to customers as their cost of funds has gone up.
He had added "banks would wait till the month-end before taking a call on an interest rate hike."
Punjab and Sind Bank executive director PK Anand had said the banks would maintain the current rates at least for the next 15 days and take a call on revising them after ascertaining credit demand.
First Published: Sep 17, 2011 20:50 IST