Canara Bank not to revise rates in near-future

Mumbai, Jun 26: Reacting to the recent key lending rate hike by the Reserve Bank, the Bangalore headquartered private lender Canara Bank's Chairman M B N Rao on said his bank would 'wait and watch', rather than promptly revising the prime lending or deposit rates.

Talking to the reporters after inaugurating the first biometric Automated Teller Machine (ATM) branch at Asia's largest slum area-Dharavi here, Mr Rao said, ''It is not necessary to immediately react on the RBI's monetary stance and pass-over the burden to the customer directly.'' He said his bank is comfortable with its interest margins and hopes the similar credit growth in the current fiscal as it had in the previous fiscal. However, he asserted, ''We are assessing the situation in present circumstances. The bank would not revise its prime lending rate or deposit rates in near future.''

UNI