The largest lender of the country, State Bank of India has ruled out possibilities of any recent hike in fixed deposit rates. According to SBI Chairman, O P Bhatt said that the bank is not planning for any rate hike immediately.
Bhatt said that the bank has set a target of achieving 22% rise in loan book and 20% rise in deposits by fiscal end. The current figures show 18% loan growth and 26% growth in deposits on y-o-y basis.
For the banking industry, deposits have grown at 16% while loans have shown 24% growth.
The business of the bank in north east has crossed the Rs 50,000 crore mark. Around 4% of the toal business of the bank comes from NE region.
It has plans to add 18 branches to the list of existing 538 in the region along with introduction of 90 more ATMs, which will then take the ATM count to 850.