On Tuesday Punjab National Bank chairman & MD K C Chakrabarty indicated that there is a scope for the cut in both lending and deposit rates. The rates can be reduced by 50-100 basis points. He added later in the day bank's asset and liabilities committee is going to hold a meeting for reviewing the rates. Speaking on the sidelines of a CII event in Delhi he added, "There is always scope for rate cuts."
Recently RBI in its annual monetary policy for 2009-10 release had cut both reverse repo rate and repo rate by 25 basis points to 3.25% and 4.75% respectively, with a view to increase economic growth.
Dr Chakraborty also added that in the current fiscal year more recruitment will be done and also has an aim to increase its customer base. He said, "We will recruit around 1,000 people and aim at adding one crore additional customers this year". The bank is also looking for a growth of 18-20% growth in deposits this fiscal.
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