No hike in interest rates in near future : SBI

New Delhi: The Country’s largest public sector lender State Bank of India said on 1 May it does not expect the interest rates to go up in the short term.

“I do not see them (interest rates) rising in the near future," State Bank of India chairman O P Bhatt told reporters here.

The Reserve Bank of India while announcing the Annual Credit Policy for 2008-09 had hiked the Cash Reserve Ratio (the percentage of deposits that commercial banks maintain with the Reserve Bank) by 25 basis points to 8.25%.

Prior to this, the apex bank on 17 April had announced a hike in CRR by 50 basis points in two phases to contain inflationary expectations.

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