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Bank of India (BoI), on Friday, said the remaining impact of provisions under divergence as per the Reserve Bank of India’s (RBI) Risk Assessment Report (RAR) for the year 2019-20 is ₹358 crore.
Referring to the report of divergence in the asset classification and provisioning for non-performing assets (NPAs) as per the RBI’s RAR for the year 2019-20, the public sector bank said out of the ₹930-crore provisions under divergence, it has already made provision of ₹572 crore during the current financial year.
In its comments, BoI observed that total provisions under divergence is ₹930 crore, which includes divergence in provision for NPA of ₹394 crore, provision for investments of ₹23 crore, and shortfall in standard asset provisioning of ₹513 crore.
The divergence in gross NPA and net NPA as reported by the bank and as assessed by the RBI for FY20 was ₹63 crore each.
The divergence in provisions for NPA as reported by the Bank and as assessed by RBI for FY20 was ₹394 crore, the bank said in its regulatory filing.
After taking into account the divergence in provisioning, the bank’s net loss increased to ₹3,886.89 crore against ₹2956.89 crore reported in FY20, as per the filing.
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