Public sector lender, Bank of Baroda has denied chances of any immediate rise in interest rates following the recent policy rate hike by Reserve Bank of India, according to CMD of the bank, MD Mallya.

According to Mr Mallya, there is a surge in demand for credit before March and April onwards, it sees a decline.

He also said that the bank would be increasing its branch count to nearly 4000 by next fiscal by adding another 500 branches to the present count.

On the international frontier too, another 16 branches are planned to be added thereby increasing the offshore branch count to 100.

He added that the average growth in credit has been 25-30% for the bank in the last few years.