According to Mr. O.P. Bhatt, Chairman, State Bank of India, credit offtake in the banking system is still low and the present rate of 19 to 20 per cent is not enough to increase interest rates.
He said the reason could be that there are other sources of money available to the system rather than from banks.
He expected the offtake to pick up during the September month with Government's calendar borrowings.
Bhatt said they will go slow on the overseas acquisitions until there is more clarity on the global economy situation. However SBI will continue to open 20 to 30 overseas branches in this fiscal.
To question on the impact of the base rate system on the bank's performance, he said people accepted the system and the bank is comfortable.
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