Deposit rates are untenable, will have to be cut in future: SBI chairperson Arundhati Bhattacharya

The State Bank of India chairperson, Arundhati Bhattacharya on Monday said "SBI hasn’t survived for 211 yrs by ignoring competition. Have huge collaboration; don’t just rely in branches." She was at Mint Conclave. Bhattacharya said SBI has opened 50, 000 -70, 000 accounts in a day before note ban; 89 lakh accounts after the ban. She also talked about giving boost to credit growth with excess deposits in hand. She said that banks have been conservative on deposit rates. "Want to give fillip to credit growth with excess deposits in hand, have been conservative on deposit rates," she said.