The mid term monetary policy review is being awaited ernestly by banks as their decision on whether to bring down specific interest rates or not would depend on the stance taken by Reserve Bank of India in the review.

Public sector lenders Bank of Baroda and Union Bank of India have indicated of taking any stand regarding dipping interest rates depending on the policy review.

"We will take a call after the RBI's policy review. At the moment, liqudity is tight and perhaps one will like to assess the overall situation before taking a decision (on slashing rates)," Chairman and Managing Director of Bank of Baroda, M D Mallya said.

"We will have a look at our NIM. If it improves substantially, we will look at (rate cut)in some of the products. Based on that, we will take a call," Chairman and Managing Director of Union Bank of India, M V Nair said.