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India's biggest bank says it has no plans for rate hike

Mon. September 28, 2009; Posted: 12:39 AM
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NEW DELHI, Sept 28, 2009 (Asia In Focus via COMTEX) -- SBKIY | Quote | Chart | News | PowerRating -- STATE BANK OF INDIA (BSE:500112) chairman O P Bhatt said Friday no increase in interest rates is expected in the near future, allaying apprehensions on the return of the tight money policy. "A hike is extremely unlikely," Bhatt said when asked whether the rates of borrowing could be revised upward in the next few months.

* He said the SBI was lending at the "lowest rates" and any more cut was not on the cards.

* In the recent past, the country's largest bank has been aggressive in cutting the lending rates, especially for those buying homes and cars. It is extending both these loans at 8 per cent interest per annum.

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