[sbinews] SBI clocks 25% growth in credit demand (Economic Times)
- From: "Rajendra S. Pai" <rs.pai@xxxxxxxxx>
- To: <sbinews@xxxxxxxxxxxxx>
- Date: Fri, 31 Dec 2004 08:06:39 +0530
SBI clocks 25% growth in credit demand
(Economic Times)
MUMBAI: State Bank of India chairman A K Purwar on Tuesday said SBI group has
posted about 25 per cent growth of 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 per cent in credit demand for the
group," Purwar told reporters after inaugurating State Bank of Indore's
commercial branch here.
This (rise in credit demand) was one of the reasons for relatively tight
liquidity conditions in the money market, the SBI chief said.
Asked about revision in the interest rate, he said the bank has recently
revised rates on deposit and some lending products upwards and in the backdrop
of some easing in inflation, they (rates) would remain stable in short run.
On the SBI group's InfoTech ventures, Purwar said it would be a joint venture
company slated to be in place before March 2005.
SBI has received approval from the Government and Reserve Bank of India for IT
venture and it had zeroed on joint venture partner, he said.
But he did not name the partner nor stated if SBI would hold majority in the
proposed IT JV.
The bank had sought approval from the Government and RBI for the proposed
general insurance venture, he said.
Referring to merger of group entities, SBI chief said the virtual merger is
what we are working on through common core banking platform, accounting and
coordination for high value transactions.
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