State-run Punjab National Bank (PNB) today said it will not lower its interest rates, which are already lower than other banks, in the near future.

"Given the present level of inflation and growth, I don't see much scope at least for PNB to cut its rates further," PNB Chairman and Managing Director K C Chakrabarty told reporters here.

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With declining industrial output, the industry is demanding credit at lower rate of interest.

On credit growth, Chakrabarty said that PNB expects a credit growth of 20-22 per cent in FY10.

When asked about rising non-performing assets (NPA), Chakrabarty said that the bank has the ability to withstand the challenge arising from NPAs.

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