The State Bank of India (SBI) has no immediate plans of hiking the benchmark prime lending rate (PLR). | |
| "The SBI is not hiking the benchmark PLR as of now since there is no need for it at this stage," acting chairman and managing director T S Bhattacharya told reporters here on Tuesday. |
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| He pointed out that a hike in PLR is necessary when the cost of deposits go up. "Now is not the time to decide on hiking PLR," he added. |
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| On whether the bank will increase the interest on deposits, Bhattacharya replied in the negative: "In the rising interest rate scenario, deposit rates cannot fall as alternative avenues are available. We have just increased the deposit rates in May." |
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