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October 30, 2001
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SBI to offer one-time settlement scheme for small defaulters

State Bank of India has decided to launch an one-time settlement scheme for small defaulting borrowers up to a ceiling of Rs 10 million.

The scheme, christened as SBI-OTS, will be operative till December 30, and the settlement would be completed with willing borrowers by March 31, 2002.

The scheme is almost a replica of the Reserve Bank of India's OTS scheme, which evoked good response from small and medium borrowers in all public sector banks. This scheme was closed on June 30.

Under the RBI scheme, the bank recovered about Rs 6.33 billion, Rs 1.33 billion more than the targeted Rs 5 billion, which had good impact on non-performing assets level also.

SBI's net NPAs declined to 5.58 per cent as on September 30, against 6.03 per cent in the same period last year.

The SBI chairman Janki Ballabh, said, the objective of the bank is to reduce NPAs further with such innovative schemes, while increasing efficiency in operation with the latest technology at branch levels.

This will be further supplemented by extending the coverage of low-risk retail banking services across the country.

Such a strategy would certainly sustain the earnings and profit margins of the bank at the current level.

SBI has set a target of 25 per cent growth in its net profit for the current financial year over the previous year's net profit of Rs 20.04 billion.

In the first half of the year, the net profit went up by 17.36 per cent to Rs 12.24 billion.

UNI


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