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.
Denne historien er fra December 11, 2019-utgaven av Mail Today.
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Denne historien er fra December 11, 2019-utgaven av Mail Today.
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