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SBI optimistic at recovering loan by realizing Kingfisher securities

February 18, 2013‐ India

State Bank of India's Chairman Pratip Choudhuri, speaking to the reporters, said that the bank is putting its full efforts at recovering the loan amount extended to Kingfisher Airlines and not at reviving the airline.

Choudhuri said that of the total dues of Rs. 7000 crore, the bank was so far working on reviving the airline but now the bank has decided to realize the securities that are provided by the airliner. He said that even the recovering of the Rs. 1650 crores to Rs. 1700 crores will be after complicated, long, legal battle.

He updated that a consortium members have formed a 'core group' committee that will meet every weekend to update and discuss about the loans recovery process and status.

Speaking on the plan the bank has for the year, he said that about 1000 branches will be added in the next financial year. He said that Tamil Nadu educational loan base is the highest with Rs. 2,700 crore extended to 1,68,400 students. Tamil Nadu and Puducherry Agricultural loans total to about Rs 16,000 crore while the home loans are at Rs 12,180 crore. There are 904 SBI branches in Tamil Nadu and a total deposits of Rs 61,000 crore.

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