The State Bank of India’s Chairman Mr. Pratip Chaudhuri chaired his last quarterly results conference and he was dejected with the first quarter profit of SBI, since it has fallen over thirteen percent. The standalone net profit for the Q1 is INR 3,241 crore, which ended 30th June, 2013. Last year, during the same period, the profit was Rs.3, 752crore. He would be remembered for his innovative plans. Mr. Pratip Chaudhuri was instrumental in abolishing the reserve cash ratio, summarily. He said that he would try his best to improve asset quality, for encouraging investors. Recently, Moody’s, one of the rating agencies has downgraded the strength of finance, from C- to D.
The loan growth has come down and there is considerable increase in bad debts. Since the Reserve Bank of India is unable to strengthen the value of Rupee, it looks that the same trend may continue for some time.