MUMBAI, March 16 (Reuters) - State Bank of India (SBI.BO: Quote, Profile, Research),
India’s largest bank, has suffered a loss of 10 million rupees
($250,000) in the overseas credit derivatives market, the
Sunday Business Standard newspaper said on Sunday.
The newspaper quoted India’s junior finance minister Pawan
Kumar Bansal as saying the state-run bank’s loss came from
investments being marked to market and it was a notional loss.
Earlier this month, the minister told parliament that
following the subprime crisis, ICICI Bank (ICBK.BO: Quote, Profile, Research), India’s
top private-sector bank, had reported a marked-to-market loss
of $264.34 million from its credit derivatives and investments
as on Jan. 31 of this year. [nBOM279851]
($1 = 40.435 Indian rupees)
(Reporting by Arpan Mukherjee; Editing by Jacqueline Wong)
