Little scope for cutting rates: SBI
The government has been asking PSU banks to lower lending rates in order to boost the economic activity. While PSU banks have so far resisted these directions, BoI was the first to blink and has lowered its base rate by 25 bps to 10% effective July 8. SBI's management seems to be resisting any such cuts. Mr Diwakar Gupta, MD, SBI tells NDTV Profit about the situations they are facing, such as higher cost of term deposits, higher credit costs & potential of rise in staff costs.
