This ban on no penalty on inoperative accounts will have a very minor impact says Arundhati Bhattacharya, chairman, SBI.
We are not into BSES but we do have exposure into Reliance Infra and some of their other projects.
Arundhati Bhattacharya
Chairperson
SBI
The RBI has ordered banks not to penalise customers over minimum account balance. Currently, state-run banks like State Bank of India do not penalise their customers for not maintaining minimum balance. But private banks penalise their customers to the tune of Rs 750 every quarter.
Arundhati Bhattacharya, chairman, SBI in an CNBC-TV18 interview talks about the impact of this decision.
Below is the transcript of Arundhati Bhattacharya's interview to CNBC-TV18's Latha Venkatesh and Sonia Shenoy
Latha: SBI do not penalise for minimum balance anyways?
A: Yes we don't penalise for minimum balance .
Latha: You don't penalise only for inoperative accounts or if it was a very hectically operated account but suddenly fell for whatever reason below the minimum balance even then you don't have a penalty.
A: No we do not.
Latha: What about the industry itself, do you think that only banning the penalties for inoperative accounts is going to have a very minor impact? Some of the phone calls I made gave me that impression that if the minimum balance rule, if the ban had come on all accounts even operative accounts that would really pinch?
A: That is right. I think this ban on no penalty on inoperative accounts will have a very minor impact.
Latha: One of your clients is Reliance Infra and yesterday the court said that they have to pay National Thermal Power Corporation ( NTPC ) Rs 700 crore and we understand that you are not going to finance accounts like BSES, like Reliance Infra if they don't receive subsidies from the government - do you see Reliance Infra getting money from banks like you all to pay up NTPC?
A: We are not into BSES in any case but we do have exposure into Reliance Infra and some of their other projects. Whether they will get money for repaying this would really depend on the accounts of BSES, and whether it is possible to fund them in order to get them to pay this. But this would happen only if they are viable in many other ways.
Latha: There is news something which was said in the court as well that the Delhi Electricity Regulatory Commission (DERC) and the Delhi government owe them Rs 20,000 crore in regulatory assets accumulated over the past many years. As long as this money is due from the government, even if you are not in the picture, will banks likely fund the entity?
A: This was being done very regularly in the earlier years because of which the discoms all got into trouble. But currently, I think banks take this with a pinch of salt and unless there is a regular flow of funds on top of that unless there is an escrow which enables the banks to get their hands on the actual payments done by the subscribers, very few banks would go ahead and fund them.
SBI stock price
On May 07, 2014, at 09:23 hrs State Bank of India was quoting at Rs 2050.15, down Rs 1.6, or 0.08 percent. The 52-week high of the share was Rs 2469.25 and the 52-week low was Rs 1452.90.
The company's trailing 12-month (TTM) EPS was at Rs 149.34 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 13.73. The latest book value of the company is Rs 1325.34 per share. At current value, the price-to-book value of the company is 1.55.
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