SBI rises as Government sanctions Rs 973.74 crore for ex-gratia payment to borrowers
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State Bank of India is currently trading at Rs. 517.70, up by 1.80 points or 0.35% from its previous closing of Rs. 515.90 on the BSE.
The scrip opened at Rs. 515.35 and has touched a high and low of Rs. 518.90 and Rs. 513.35 respectively. So far 444055 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 542.20 on 03-Nov-2021 and a 52 week low of Rs. 269.55 on 28-Jan-2021.
Last one week high and low of the scrip stood at Rs. 518.90 and Rs. 500.45 respectively. The current market cap of the company is Rs. 459795.99 crore.
The promoters holding in the company stood at 57.60%, while Institutions and Non-Institutions held 34.62% and 7.78% respectively.
The government has approved sanction of Rs 973.74 crore to State Bank of India (SBI) as reimbursement related to loan moratorium that was implemented in 2020 amid the pandemic. This amount is for the payment of claims submitted by lending institutions (LIs) under the scheme for grant of ex-gratia to borrowers in specified loan accounts during the moratorium period announced by RBI in March 2020.
SBI was given Rs 873.07 crore towards reimbursement of ex-gratia between July 23 and September 22, 2021. To clear the remaining amount, the Union Cabinet has approved sanction of Rs 973.74 crore to SBI towards payment of these dues. Operational guidelines for the scheme are already issued with the approval of the Cabinet. The said amount of Rs 973.74 crore will be disbursed in accordance with the said operational guidelines.
SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
