SBI Chief Hints At Further Cut In Interest Rates

Posted: Thursday, Dec 05, 2002 at 0000 hrs IST
Updated: Thursday, Dec 05, 2002 at 0000 hrs IST

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New Delhi, December 4:: A month after the Bank Rate cut by the RBI and the reduction in lending rates by banks, State Bank of India (SBI) on Wednesday hinted at the possibility of further reduction in interest rates. "Interest rates will continue to be stable with a little downward bias," SBI chairman AK Purwar said replying to a query at an International Banking Summit here. The statement assumes importance in the wake of reduction in lending and deposit rates by most of the banks after the benchmark Bank Rate was reduced by 0.25 per cent to 6.25 per cent in the October busy season Credit Policy of Reserve Bank.

...To Invest Rs 500 Cr For New Projects

New Delhi, December 4: SBI will invest Rs 500-600 crore for interconnecting about 3,000 branches in the next two years, set up a Disaster Recovery Management centre and even target to bridge the digital divide to take technology banking to rural India.
SBI chairman AK Purwar also said that the bank was planning to convert its branches into "Financial super-markets" which would offer all types of financial products along with...

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