Interest rates seem steady, says O P Bhatt

Despite growing expectations of interest rate hikes by banks following the central bank’s 25 basis points hike in key policy rates last week, State Bank of India’s chairman O P Bhatt on Monday said interest rates may remain steady till the next quarter.

“Interest rate now seems to be steady till next quarter. There is no pressure upon us,” Bhatt told Business Standard on the sidelines of a branch opening function.

Bhatt also said the bank is expecting better financial results and will achieve targets on all parameters for the current financial year.

He also said State Bank of India has sought permissions from the government to merge its subsidiaries. It has so far amalgamated its subsidiaries State Bank of Indore and State Bank of Saurashtra.