[sbinews] SBI chief says global rate rise won't affect India (Business Standard)
- From: "Rajendra S. Pai" <rs.pai@xxxxxxxxx>
- To: <sbinews@xxxxxxxxxxxxx>
- Date: Sat, 31 Jan 2004 09:11:19 +0530
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SBI chief says global rate rise won't affect India
(Business Standard)
Our Banking Bureau in Mumbai
Published : January 31, 2004
State Bank of India (SBI) chairman A K Purwar does not expect domestic
interest rates to follow global interest rates, expecting interest rates
here to remain "stable".
While he acknowledged that domestic interest rates cannot be expected to go
down, he did not expect them to rise either despite global rates hardening.
"Global interest rates are still much lower than Indian rates, and hence we
are looking at a stable interest rate environment," said Purwar. He added
that as corporates have diversified their borrowing options in a major way,
"the banking sector has been affected."
SBI has seen a nine per cent growth in advances and expects to close fiscal
2004 with a 12-13 per cent growth as opposed to its earlier target of 16 per
cent.
"The 16 per cent target does not seem achieveable this year but next
positively we should see a growth of 16 per cent as a lot of financial
closures should take place by March end," said Purwar.
SBI's optimism is largely on account of its focus on infrastructure projects
to be funding both through deposits as well as long term funding. "We are
diversifying our lending portfolio and there are a number of power projects
under consideration among other infrastructure projects. This should help
credit offtake grow by 16 per cent," said Purwar.
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