SBI to keep watch on bad loans
The country’s largest lender the State Bank of India, which has witnessed huge erosion in its net profit, has set up 14 account tracking centres to check non-performing assets, Parliament was informed on Tuesday.
“The State Bank of India has informed that they have set up account tracking centres in all its 14 circles to check non-performing assets (NPAs),” minister of state for finance Namo Narain Meena said in a reply in Rajya Sabha.
Meena also confirmed that SBI has informed that the Institute of Chartered Accountants of India (ICAI) had sought reasons for higher provisions of NPAs for the fourth quarter of 2010-11.
SBI’s profits plunged nearly 99% to 20.88 crore for the quarter-ended March 31, 2011, versus 1,866.60 crore it had posted for the same period last year. One of the major denting factors was a 82% jump in its total provisioning which increased to 6,059 crore.
SBI’s profits plunged nearly 99% to 20.88 crore for the quarter-ended March 31, 2011, versus 1,866.60 crore it had posted for the same period last year. One of the major denting factors was a 82% jump in its total provisioning which increased to 6,059 crore.
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