SBI's ALCO to decide on rate cuts: Bhatt

Hinting at some interest rate cuts in the near future, State Bank of India (SBI) Chairman O P Bhatt today said that though several banks have slashed their rates in the recent past but these are not uniform and across the industry. "In the past 2-3-months, there have been some rate cuts by banks but these have not been across the industry and not uniform," he told reporters here today. It was possible that banks might cut rates around March, he said, adding that there was enough liquidity in the system. On whether SBI would cut its PLR and other interest rates, Bhatt said that its "asset-liability committee (ALCO) meets every week" and would look into the matter. "We will factor in the policy inputs" along with other factors (while taking a decision on its rates), Bhatt said. SBI was among the first banks to reduce its prime lending rate (PLR) as also its deposit rates, he said. "SBI reduced its deposit rates by 1.50 per cent," he said.