SBI Card reports outstanding borrowing at Rs 17,363 crore at FY20-end

On March 31, 2020, SBI Cards and Payment Services have observed great borrowings worth Rs 17,362.86 crore.
On Wednesday, in a regulatory filing, it stated that the company had the greatest number of credit ratings during the previous fiscal year ended March 2020 with AAA/ Stable rating by Crisil and ICRA.

The credit card company, promoted by the country’s largest lender SBI, said that the borrowings at the end of the previous fiscal were provisional and subject to audit.

It also stated further that to be levied at the end of the two-year block period it shall be liable to pay a fine to BSE up to 0.2 percent of a shortfall in the situation if there is a deficit in the securities of the mandatory borrowing through debt.

On BSE, stock of SBI Cards and Payment Services was trading 1.76 percent up at Rs 541.40.

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