State-run lender Oriental Bank of Commerce on Sunday said it is open to the idea of acquiring banks in the country and will start 85 branches in the next few months for expanding its business. "The bank is open to the idea of growing by inorganic way. We have kept all our options open for acquiring any bank and as and when we receive any good opportunity in this regard we will definitely look at it," OBC Chairman and Managing Director Alok K Misra said. The bank had in the past acquired Global Trust Bank and two Punjab-based cooperative banks, he said. To expand its presence in the country, the bank plans to open 85 branches in the next couple of months. "We have got approval of opening 85 branches, including nine in Punjab, and it will be done during next few months," he said. With the new branches, the total strength will go up to 1,387, he added. The bank was also confident of achieving the total business target of Rs 1,31,800 crore by March 31, 2008. "We have so far achieved business of Rs 1,28,000 crore and we are sure to achieve our target within stipulated time," he said. Misra, who was in Ludhiana to attend rural games function, also hinted at reduction of interest rates soon. "Interest rates, including of deposit and lending rates, will not come down immediately but there is a possibility that the rates will dip by 25 basis points after two-three months." However, this would depend on the Reserve Bank of India's monetary policy review that is scheduled to be announced this month-end. The bank's main priority would be to lend money to the productive and priority sectors such as manufacturing and agriculture rather than real estate or speculative sectors, Misra said. – www.economictimes.com