SBI FACE QUERIES FROM CHARTERED ACCOUNTANTS BODY ON HIGHER PROVISIONING IN 2010-11 Q4

Taking a strong note of SBI's huge profit erosion for March quarter due to a rise in provisions, accounting regulator ICAI has asked the country's largest bank to explain the reasons for earmarking higher provisions for bad loans. The ICAI will also be writing to the RBI and capital market regulator SEBI with regard to the issue. SBI's Q4 profits plunged by nearly 99% to Rs. 20.88 crore for the quarter ended march 31st,2011,verses Rs 1,866.60 crore it had posted for the same period last year.