(a) whether it is a fact that State Bank of India`s net value of assets
dipped to 121 per cent on account of India Millennium Deposit and
VRS given to large number of employees;
(b) if so, its impact on the bank activities; and
(c) the remedial steps taken in this regard ?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI BALASAHEB VIKHE PATIL)
(a)&(b): No, Sir. There was no reduction in State Bank of India`s net value
of assets on account of India Millennium Deposits (IMD) and Voluntary
Retirement Scheme (VRS). However, the bank has reported that its net profit
in year 2000-2001 recorded a decrease of 21.80 per cent as compared with
profit in 1999-2000. This decline was mainly on account of IMD issue
expenses and absorption of a portion of VRS related expenses in its Profit
and Loss Account.
(c): Does not arise.