SBI may raise credit offtake projection later this year

We may revise the projections sometime in the middle of the year. But as of now, 12 per cent is what we’re projecting, SBI chairman Arundhati Bhattacharya said.

State Bank of India, India’s largest bank, is likely to revise the credit offtake projection upwards from the current level of 12 per cent later this year.

“I’ve said 12 per cent (credit offtake projection) this year… 14 per cent was what I had said last year. We’re already growing at very close to 12 per cent. So this is the slow quarter. That being the case, we may revise the projections sometime in the middle of the year. But as of now, 12 per cent is what we’re projecting,” SBI chairman Arundhati Bhattacharya said.

“It depends on how the projects come, how the bidding happens in various areas and whether bidding happens in a manner we feel comfortable with. Last time, there were lot of risks that were not covered. We have pointed those out for mitigation. We also want the people to get more equity. In the slow season, the fact that we’ve been able to grow at 12 per cent gives us hope that we’ll be able to keep this up,” SBI chairman said on the sidelines of a Ficci-IBA summit.

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On loan recoveries, she said: “We’re making efforts to recover most of the large accounts. It doesn’t matter the sector. Once you have classified, we need resolution very quickly. We’ll have a space of 12-18 months. We’re hopeful that we’ll be able to manage it in most of the accounts where the asset is good.”

When asked whether there will be a steady improvement, Bhattacharya said, “I should think so. We’ve given a guidance of Rs 40,000 crore of slippages and Rs 31,000 crore of watchlist. I don’t think we will go beyond that.”

Public Safety Minister Gary Anandasangaree said the designation gives law enforcement “enhanced powers to combat a group that has instilled fear through violence and intimidation”.

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