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SBI exposure in Maytas is about Rs500 crore: Bhatt

SBI exposure in Maytas is about Rs500 crore: Bhatt
PTI
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First Published: Mon, Jan 12 2009. 04 15 PM IST
Updated: Mon, Jan 12 2009. 04 15 PM IST
Ahmedabad: State Bank of India Monday said it has an exposure of nearly Rs500 crore in two Maytas firms promoted by the family of Satyam’s disgraced founder Ramalinga Raju, although there was no direct exposure to the beleaguered IT company itself.
“Our exposure in Maytas Properties and Maytas Infra both fund and non-fund is less than Rs500 crore,” SBI Chairman O.P. Bhatt told reporters on the sidelines of Vibrant Gujarat Global Investors’ Summit.
Maytas Properties and Maytas Infra are promoted by Raju’s family and have interests in realty and construction.
There is no exposure of the bank in Satyam Computer Services, Bhatt said, adding “there are no personal loans given to Raju and their sons”.
Noting there is no problem with the Maytas accounts, Bhatt said all the exposure are collateralised and accounts are regular.
The bank is reviewing all these accounts and at the same time sharing information with both the central government and the Reserve Bank of India to see if there is need to take proactive action from its side, the State Bank chairman said.
Asked about the risk, Bhatt said, there could be some risk if the projects for which loans were given do not take off. Funds are generally given after due diligence.
Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy said Sunday that he had asked the chief secretary to review the ability of the Maytas firms to execute projects awarded to them in light of the problems the promoter family is facing.
Bhatt, however, said Satyam does provide services to IT-Department of the bank along with other reputed vendors like Infosys, Tata Cnnsultancy Services and Wipro.
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First Published: Mon, Jan 12 2009. 04 15 PM IST