NEWS & ADVICE : HOME LOANS
SBI & ICICI Bank get a year and 6 months respectively for PCR norm
By Joseph Samson
Jul 12, 2010
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The largest lender of the country, State Bank of India has got extension of one year till September 2011 so as to increase its provision coverage ratio (PCR) to 70% of its total non performing assets (NPAs).

The Chief Financial Officer and Deputy Managing Director S S Ranjan said that the current PCR of the bank was 60%. He said that the bank expects to meet the target before the deadline.

In December 2009, it was mandated by RBI on all banks that they should maintain a PCR of atleast 70% by September 2010.

The loan loss provision of SBI almost doubled to Rs 5,148 crore in the year to March 2010, compared with Rs 2,475 crore a year earlier.

The largest private sector lender, ICICI Bank has received an extension of six months in the same regard. March 2010 saw its PCR at 59.5%. Its gross NPAs rose to Rs 19,535 crore at the end of March from Rs 15,714 crore a year earlier.


 


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