SBI under-reported ₹11,932 crore of bad loans in FY19, finds RBI report

The Reserve Bank of India's (RBI’s) inspection report has found out that State Bank of India (SBI) under-reported ₹11,932 crore of bad loans in FY19, which has pushed the bank to report net loss for the financial year 2018-19.

The divergence in net non-performing asset (NPA) was also ₹11,932 crore, the bank informed the exchanges.

According to the RBI, provision requirement for SBI increased by ₹12,036 crore in FY19.

Due to higher provision, the lender was pushed to ₹6,968 crore loss in FY19 as compared to ₹862 crore profit reported earlier.

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Printable version | Sep 23, 2020 3:53:38 AM |

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