This enabled SBI to show a profit of Rs 860 crore for the year instead of a massive loss to the tune of Rs 6,978 crore that it had actually incurred.
SBI admitted in a regulatory filing on Tuesday, that the risk-assessment report of the RBI has found the bank underreported its non-performing assets (NPAs) by Rs 11,932 crore. The RBI also detected that the provision for bad loans shown in the SBI books fell short of the required amount by Rs 12,036 crore during 2018-19.
Based on the divergence assessed by the RBI in provisioning for bad loans, SBI said in the filing it would have reported a net loss of Rs 6,968 crore in 2018-19 as opposed to a profit of Rs 862 crore.
The bank said, it reported gross non-performing assets to the Rs 1.72 lakh crore and according to RBI’s assessment the bank had gross NPAs of Rs Rs 1.84 crore. Similarly, it reported a net NPA of Rs 65,895 crore but RBI’s assessment showed its net NPAs are 77,827 crore.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Why Pak New Map Is A Sham
Pakistan’s move comes exactly a year after India scrapped Art 370
‘Forget Cash Reward'
Wrestler Divya’s father narrates humiliation he and his daughter faced for questioning Delhi CM Kejriwal
BJP Sends Its 20 MLAs To Gujarat Ahead Of Trust Vote
The BJP has hit out at the Ashok Gehlot-led Congress government in Rajasthan claiming that moral and immoral means were being used in an attempt to induce BJP MLAs before the assembly session which convenes on August 14.
Gamers In Delhi Easy Prey For Cybercon
Crooks make fake profiles to lure young addicts into buying gaming points, steal money with debit card & e-wallet details
Men WHO Braved Odds To Save Lives
Kozhikode Plane Crash
Pak Maintain Firm Grip
Bundle out England for 219 to open 127-run lead on Day 3
Virus Wreaks Havoc In U.S. As 2,060 Die In Single Day
Europe remains the hardest-hit region globally with 200K deaths
Why Chennai Fears Abeirut Redux
Presence of 740 tonnes of ammonium nitrate at Sattva freight station raises safety concerns
Beirut's Accidental Cargo
An unscheduled stop to pick up extra cargo led to the disaster
Gates Backs Poonawalla With $150 Mn War Chest
Virus vaccine to be rolled out in early 2021
