A recent press report said that Corporation Bank is unlikely to increase the lending rate Mr. Ramnath Pradeep, Chairman and Managing Director of the bank, told the press that there is a need for the banks to take a call on increasing interest rates but the bank has not planed to increase the rates this month.
He said that the main focus of the RBI was to control inflation and if the inflation is under control everything else can be controlled.
He said that the bank is to increase interest rates on short-term deposits immediately and a decision on that will be taken soon.
According to the report, when told that there are signs of slowdown in the country and an increase in lending rate hike may hasten the slowdown process, Mr. Pradeep said that a consensus view of all the banks should be taken on this issue.
The Corporation Bank has a nationwide network of 5,000 service outlets throughout India. It has planned to open 200 branches every year and this fiscal, 50-60 branches have already been added to the bank’s network. It offers a wide variety of products including Car loan, Personal Loans, education loans etc.