Thursday, June 4, 2009

SBI Chairman says scope there for cutting deposit, lending rates

The State Bank of India Chairman O P Bhat today indicated that there was scope for the bank to cut both the deposit and lending rates by 25 basis points.

Speaking on the sidelines of a conference to announce the launch of the SBI Research Cell for Public Sector Leadership at the Indian Business School in Hyderabad, he, however, did not give any fixed time frame for the cuts.

Mr Bhat's remarks comes close on the heels of the RBI and the Central Government urging for the banking sector to cut their lending rates further to increase the flow of credit to the productive sector during the current slow growth rate.

Union Finance Minsiter Pranab Mukhjerji would be meeting the bankers in New Delhi on June 10.

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