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We’re not affected by SEB bailout: SBI

State Bank of India (SBI) on Monday said the bank is not affected by the bailout package involving state electricity boards

Written by ENS Economic Bureau | Mumbai | Published: September 25, 2012 1:26:28 am

State Bank of India (SBI) on Monday said the bank is not affected by the bailout package involving state electricity boards (SEBs). Many PSU banks like Bank of Baroda,Punjab National Bank,Central Bank and Canara Bank have significant exposure to SEBs.

SBI chairman Pratip Chaudhuri said it will not have any significant impact on the bank as its total exposure to SEBs is only Rs 400 crore. “The bank is not worried much as it has only meagre exposure to the Tamil Nadu and Rajasthan SEBs. The overall exposure to the power sector is around Rs 4,000 crore,” an official said.

According to sources,Bank of Baroda restructured SEB loans worth Rs 2,000 crore in the period ended March 2012. Punjab National Bank restructured loans totalling Rs 4,700 crore to SEBs. At Central Bank of India,over Rs 4,000 crore SEB loans were restructured during the quarter ended March 2012. Canara Bank is likely to restructure loans worth Rs 5,400 crore.

On the Kingfisher bailout,Chaudhuri said,“We have heard nothing concrete after the policy relaxation on FDI… I am sure (Vijay) Mallya will come to us when he has something tangible.” WITH PTI

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