State Bank of India, the country's biggest lender, will intensify its "war" against bad loans while lowering interest rates on select products for its retail borrowers during the festival season, Arundhati Bhattacharya, the bank's first woman chairperson, said on Tuesday. Bhattacharya, however, ruled out any reduction in the base rate, or the minimum rate at which it lends to its best customers, and the rate it charges on home loans, which is already the lowest in the sector. "There is no way interest rates would go down in the near future. But since the festival season is coming, we will definitely want to do something for our customers," Bhattacharya said while speaking to journalists after taking charge.
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