State Bank of Travancore said its net profit for the March quarter fell 67.63% due to higher provisions. Net profit for the quarter stood at Rs.62.14 crore as compared to Rs.191.97 crore a year ago. Net interest income increased 8.6% to Rs.631.31 crore from Rs.581.40 crore last year. In December, RBI asked banks to make adequate provisions for these stressed assets over the third and fourth quarters of the current fiscal year. This could hit the profitability of some banks.
SBT has launched a grievance package named Karunya Hasta 2016 for those who find it hard to repay educational loans taken from its branches in Thiruvananthapuram. The new scheme is for helping people who could not pay installments of education loan promptly after being hit by low price of agriculture produce and economic recession. As per the new scheme 50% of the settlement amount will have to be paid on that day itself. The remaining can be paid within 60 days. Those who can pay the settled amount at one go will be exempted from paying fine on the interest.
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