Which public-sector bank reported a loss of Rs. 5,367 crore for quarter ended March 2016, which is the largest quarterly loss in the history of Indian banking?
A. SBI
B. PNB
C. ICICI Bank
D. Canera Bank
Answer:B
Which public-sector bank reported a loss of Rs. 5,367 crore for quarter ended March 2016, which is the largest quarterly loss in the history of Indian banking?
A. SBI B. PNB C. ICICI Bank D. Canera Bank
Explanation: PNB’s staggering Rs. 5,367 crore loss, as reported on 18 May 2016, came against the backdrop of a surge in bad loans. The bank reported gross bad loans of Rs. 55,818 crore compared to Rs. 34,338 crore in the previous quarter. To cover for these bad loans, provisions have been increased, which has led to the bank reporting the worst loss in the history of the Indian banking sector. Till now the worst quarterly loss reported by a bank in India was in the name of Bank of Baroda (BOB), whose net loss for quarter-ended December 2015 stood at Rs. 3,342 crore. The third highest quarterly loss is also in the name of BOB, Rs. 3,230 crore in the March 2016 quarter. In the December 2015 quarter, IDBI Bank reported a loss of Rs. 2,183 crore. This is the fourth highest loss reported by any bank.