State Bank of India has cut the interest rate for one year deposits by 25 basis points (bps) for both general public and senior citizens.
In an interview to CNBC-TV18, Rajnish Kumar, Managing Director of State Bank of India spoke about the same.
We have Rs 25 lakh crore of deposit and one year deposit would be Rs 3 lakh crore, said Kumar.
On lending front, he said our market share is around 21-21.5 percent, so to that extent we are able to protect our market share.
He said segment of operations of non banking financial companies (NBFCs) are different from some public sector undertaking (PSU) banks.
He does not expect rate cut from Reserve Bank of India (RBI) because macroeconomic data is not favourable.
Watch accompanying video for more details.
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