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Wednesday, November 30 2022
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Note ban: State Bank of India deposits zoom by Rs 53,000 cr in two days

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Mumbai: As much as Rs 53,000 crore were deposited with the State Bank of India (SBI) during the last two days after the government’s demonetisation move, bank Chairperson Arundhati Bhattacharya said on Friday.

She said the bank received Rs 31,000 crore on Thursday and Rs 22,000 on Friday. According to her, the SBI also exchanged currencies valued around Rs 1,500 crore. On Tuesday, the Centre announced Rs 500 and Rs 1,000 notes ceased to be legal tenders from November 8 midnight. “The cash is drying up. But we are taking care of it. There is no need to panic. We still have 50 days in hand. Nothing is going out of fashion. Till that time, please publicise the use of debit cards,” she told reporters here while announcing the bank’s second quarter results.

The SBI said it closed the second quarter of the current fiscal with a lower net profit of Rs 2,538.32 crore. The bank said it has posted a net profit of Rs 2,538.32 crore for the quarter ended September 30, down from Rs 3,879.07 crore for the quarter ended September 30, 2015. The bank’s total income for the period under review increased to Rs 50,742.99 crore compared with Rs 46,854.81 crore for the quarter ended September 30, 2015. The bank’s unamortised loss on account of selling its assets to Asset Reconstruction Companies as on September 30, 2016, stands at Rs 516 crore.

The bank’s Board of Directors also approved issuance of maximum 13,63,65,146 equity shares of face value of one rupee each, to the shareholders of State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT) and the government of India (GoI) for its shareholding in Bharatiya Mahila Bank Limited (BMBL) as on the record date at the agreed swap ratio as under:

a) For minority shareholders of SBBJ 28 equity shares of SBI of the face value of Re 1 each to be issued in lieu of 10 equity shares of SBBJ of the face value of Rs 10 each.

b) For minority shareholders of SBM 22 equity shares of SBI of the face value of Re 1 each to be issued in lieu of 10 equity shares of SBM of the face value of Rs 10 each.

c) For minority shareholders of SBT 22 equity shares of SBI of the face value of Re 1 each to be issued in lieu of 10 equity shares of SBT of the face value of Rs 10 each.

d) 4,42,31,510 Equity shares of SBI of the face value of Re 1 to be issued to the Government of India in lieu of their shareholding in BMBL (i.e. 100 crore shares of the face value of Rs 10 each).

As a result the issued capital of the SBI will go up from Rs 776,35,98,072 to Rs 789,99,63,218 (maximum), subject to approval of the schemes of acquisition of SBBJ, SBM, SBT and BMBL by the government of India.

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