Karnataka Bank in no hurry to raise SB rate

It is not that every private bank is going to hike interest rates for SB (savings bank) accounts in a hurry. Some have decided to wait and watch. Speaking to Business Line on the sidelines of ‘Bancon 2011' at Chennai on Saturday, Mr P. Jayarama Bhat, Managing Director and Chief Executive Officer of Karnataka Bank, said his bank will wait and watch before taking any decision. “Any decision taken in haste is not good,” he said. Making an observation of customer behaviour on SB accounts, he said that many of them were not overly bothered about interest on deposits until now. For most of them, it is an account for conducting their transactions. Quoting from his previous experience, he said some customers even used to make enquiries with him whenever they saw some ‘unusual' credit effected in their SB accounts.