SBI group credit offtake up 25%

SBI chairman A K Purwar today said the group has posted about 25%
growth in credit demand till date, and its lending rates will remain stable in the short run.

"We have seen a year-on-year growth of 25% in credit demand for the group," Purwar said after inauguarating State Bank of Indore's commercial branch today.

"This (rise in credit demand) was one of the reasons for relatively tight liquidity conditions in the money market," Purwar added.

Asked about revisions in interest rates, he said the bank has recently revised rates on deposit and some lending products upwards. "In the backdrop of some easing in inflation, they (rates) would remain stable in short run," he added.

On the group's infotech venture, Purwar said it would be a joint venture company and is expected to be in place before March 2005.