Bhatt says, SBI has no immediate plans to revise prevailing interest rates

India's largest public sector bank, State Bank of India (SBI) has no immediate plans to revise its fixed deposit and lending rates. SBI Chairman, OP Bhatt told reporters, "I don't see any possibility of immediate change in our any rate." He added, "This possibility may occur after three-six months depending upon any change in the economic condition."

However, after the Reserve Bank of India raised repo and reverse repo rates fifth time the banks have said the hike in lending and deposit rates will be done in October.

Bhatt, without taking the name of SBI predicts the base rate may increase by 25 points which will result in increase in the interest rate of loans which are directly associated with the base rate, but all will depend on the economic condition.

As per new RBI guidelines, the banks have set their base rates and they cannot lend below that rate. Regarding raising Rs20,000 crore from the market through rights issue, he said, "we are talking to the government on the issue and I hope that our right issue will get the government's nod in the current financial year only."

In reply of prospects of SBI’s business in 2010-11 in view of the erratic monsoon season, he said, "though monsoon was not good in states like Orissa, Jharkhand and West Bengal, I hope that still we will register a growth of 20 per cent in the current financial year."