Decision On Merging State Bank of Indore With SBI Expected This Month

Decision On Merging State Bank of Indore With SBI Expected This MonthAccording to SBI chairman Om Prakash Bhatt, the administration's decision on merging State Bank of Indore with State Bank of India (SBI) is projected this month.

SBI chairman Om Prakash Bhatt stated, "We expect to hear from the government on merging State Bank of Indore this month. After that, it would take a month to complete the merger process."

Mr. Bhatt was in Chennai to kick off the Green Channel counter, which facilitates paperless banking.

According to chairman, the interest rates have an upward bias at the moment and would shortly stabilized.

But, Bhatt stated that the policy makers should upset the growth speed by steps, which would tighten rate of interest.

He projected inflation to go down by August onwards as the monsoon is likely to be good.

While lecturing of the credit growth, Bhatt stated that the first quarter hasn't seen much credit off take.

"The RBI's (Reserve Bank of India) estimates of 20 per cent credit growth is reasonable. It might go up to 22 percent but not higher," Mr. Bhatt said. (With Inputs from Agencies)