Upward bias in interest rate: O P Bhatt

Ahead of the mid-quarter review of the monetary policy by Reserve Bank of India (RBI) on March 17, State Bank of India (SBI) Chairman O P Bhatt said there was an upward bias in interest rate. But he clarified that whether RBI chooses to tinker with key policy rates or keeps them unchanged would depend on its thinking and other factors, including external. “The current problem is not of liquidity, but inflation and the task is to balance growth and inflation.” RBI has increased key policy rates seven times in 2010-11. He was at the 150 years’ celebration of SBI in Uttar Pradesh, and inaugurated 21 branches and 51 ATMs in Lucknow circle through video link. He also inaugurated the 300th customer service point in Lucknow circle.