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New Delhi, May 14 Punjab National Bank (PNB) has no plans to reduce deposit rates for now, its Chairman and Managing Director, Mr K.C. Chakrabarty, has said. He also said the bank would meet its profit target for 2007-08. PNB is to announce its financial results for 2007-08 on Thursday.

In January , Mr Chakrabarty had said that the bank could report a net profit of Rs 1,800 crore to Rs 1,900 crore during 2007-08, which would reflect a 20 per cent increase over the previous year’s bottomline performance.

“We are confident of meeting our profit target. Wait till tomorrow. There will be no change in our deposit rates or lending rates,” Mr Chakrabarty told reporters on the sidelines of an event to mark the opening of the first micro finance branch of the bank.

Mr Chakrabarty said that the net interest margin (NIM) of the bank would be protected at 3.5-3.6 per cent for 2007-08. “We will be able to maintain this (in the coming days),” he said.

On interest rates, Mr Chakrabarty said that interest rates are expected to be stable. “Inflationary expectations are high. I expect the inflationary expectations to mild down. That is why I don’t see any change in the interest rates immediately,” he said.

More Stories on : Fixed Deposits | Punjab National Bank | Interest Rates

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