Nov 27, 2013, 07.30 PM IST
Takru, who is on the board of the bank as government nominee, also said it is wrong to blame the high bad assets in state-run banks to corrupt and lax practices in the loan appraisal process and ruled out changing the existing laws and procedures of working of banks.
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Cash-for-loan scam: Takru says SBI MDs report by weekend
Takru, who is on the board of the bank as government nominee, also said it is wrong to blame the high bad assets in state-run banks to corrupt and lax practices in the loan appraisal process and ruled out changing the existing laws and procedures of working of banks.
Like this story, share it with millions of investors on M3
Cash-for-loan scam: Takru says SBI MDs report by weekend
Takru, who is on the board of the bank as government nominee, also said it is wrong to blame the high bad assets in state-run banks to corrupt and lax practices in the loan appraisal process and ruled out changing the existing laws and procedures of working of banks.
Also read: CBI continues SBI probe, finds 4kg gold in Dy MD's lockers
Takru, who is on the board of the bank as government nominee, also said it is wrong to blame the high bad assets in state-run banks to corrupt and lax practices in the loan appraisal process and ruled out changing the existing laws and procedures of working of banks.
"What has happened is most unfortunate. SBI has come out with their own internal committee and we expect the report of the committee by weekend," he told reporters after a meetingat the Reserve Bank.
On asked about the prevalence of high NPAs--some state-run banks have reported gross NPAs at over 7 per cent while in SBI, it is over 5 per cent---and if it can be attributed to corrupt practices in loan sanctioning process, Takru said that would be "speculative".
"NPAs are rising for a variety of reasons which you know," he added.
He said these allegations do not merit changing any of the laws and procedures of working of state-run banks and added that "we should wait for the law to take its own course.
"If anybody is guilty, surely you don't expect the government to say nothing should be done. If he is guilty, certainly, the law will take its course. But I think its a bit premature, we should not speculate on this," Takru said.
"I don't think there is anything here which requires a change in law or in procedures," he added.
Last Sunday, the Economic Offences wing of the CBI had registered a case against Acharya, who was heading the mid-corporate group at SBI, after raiding his house in the city.
Cases were registered against him along with an ex-SBI official KK Kumarah and Chairman of a Delhi-based firm Worlds Window, Piyoosh Goyal, for alleged graft in disburals of Rs 400 crore loan.
Following this, SBI on Monday set up a two-member internal panel, comprising two MDs - Hemant Contractor and A Krishna Kumar - to probe the issue.
SBI stock price
On November 27, 2013, State Bank of India closed at Rs 1763.90, down Rs 21.95, or 1.23 percent. The 52-week high of the share was Rs 2550.00 and the 52-week low was Rs 1452.90.
The company's trailing 12-month (TTM) EPS was at Rs 179.98 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 9.8. The latest book value of the company is Rs 1445.60 per share. At current value, the price-to-book value of the company is 1.22.
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