Interest rates stable with upward bias: SBI chief

Kolkata, May 20: State Bank of India (SBI) chairman A K Purwar today said he expects the interest rates to remain stable with some upward bias.

"I expect the interest rates to remain stable with upward bias," he said while interacting at a Bharat Chamber of Commerce seminar here.

The chairman of the country's largest lender said the gap between interest rates of India and US are coming down fast and would reach 25 basis points mark in the near term.

Mr Purwar said SBI is gearing up to meet the Basel II norms set by the RBI by March 2007 and has appointed a consultant for the purpose.

SBI, with a 41 per cent market share in the micro finance segment, has set a target of covering one million self-help groups (SHGs) by March 2008, he said. SBI presently covers 45,000 SHGs in India.

He said the Bank is striving to increase its retail portfolio from the current level of 27 per cent.

UNI Kolkata, May 20 (UNI) State Bank of India (SBI) chairman A K Purwar today said he expects the interest rates to remain stable with some upward bias.

"I expect the interest rates to remain stable with upward bias," he said while interacting at a Bharat Chamber of Commerce seminar here.

The chairman of the country's largest lender said the gap between interest rates of India and US are coming down fast and would reach 25 basis points mark in the near term.

Mr Purwar said SBI is gearing up to meet the Basel II norms set by the RBI by March 2007 and has appointed a consultant for the purpose.

SBI, with a 41 per cent market share in the micro finance segment, has set a target of covering one million self-help groups (SHGs) by March 2008, he said. SBI presently covers 45,000 SHGs in India.

He said the Bank is striving to increase its retail portfolio from the current level of 27 per cent.

UNI