New Delhi, September 25: State Bank of India Chairman O P Bhatt said today no increase in interest rates is expected in the near future, allaying apprehensions on the return of the tight money policy.
“Hike is extremely unlikely,” Bhatt told PTI 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.
Earlier this week, Finance Minister Pranab Mukherjee said in Kolkata that he was against a tight money policy.
–PTI