SBI under-reported INR11,932cr of bad loans in FY19, finds RBI report.
Under Covers: State Bank of India under-reported INR11,932cr of bad loans in FY19, revealed a RBI report.
The divergence in net non-performing asset (NPA) was also INR11,932cr, the bank informed the exchanges.
According to the RBI, provision requirement for SBI increased by INR12,036cr in FY19, and due to higher provisioning, the lender was pushed to INR6,968cr loss in FY19 as compared to INR862cr profit reported earlier. The Hindu
Not-So-Good Samaritan: India's largest lender, SBI has said that it would not do anything to help private-lender Yes Bank get out of the liquidity crunch that it currently is in. ET Markets
Yes Bank was betting rather hard on raising $2bn from potential investors including Canadian tycoon Erwin Singh Braich, Hong Kong-based SPGP Holdings and London-based Citax Holdings. Interestingly however, none of them are good enough to write home about. Read this intriguing article to know why it is important for the Indian regulator to act before Yes Bank becomes, for all practical purposes, no bank at all.
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