With the Reserve Bank of India increasing major policy rates in the 2nd quarter of monetary policy review, the biggest lender in the country, State Bank of India has said that it will not increase interest rates before 3-6 months.
O P Bhatt, SBI Chairman said, “I am not seeing the possibility of any immediate change in interest rates”.
But he added that there is a likelihood of increase in interest rates if the economic condition changes.
He also said that there might be a 25 basis points increase in base rate if the economic condition changes.
Consequently lending rates are also expected to go up.