Public sector lender Corporation Bank has said that any immediate rate hike from its part following the rise in policy rates is unlikely in this month.

According to CMD of the bank, Mr Ramnath Pradeep, banks need to take steps as per the rise in interest rates.

"Probably we may have to take a call on this, once September is over. This month, there may not be any hike," he said.

He however indicated that an immediate rise in deposit rates is on the cards.

"If the banks can absorb this hike, they should not look for NIM (net interest margin). Today it is the question of supporting the growth of the economy. Instead of looking for NIM growth, there is a need to look at the growth prospect. A consensus view needs to be taken on this matter," he said.