Accounting norms change to take a toll on SBI profit

State Bank of India's profits are expected to take a hit of Rs 800 crore for each of the next five years with the bank needing to make additional provision of around Rs 4,000 crore due to changes in accounting norms for employees’ retirement benefits, known as accounting standard-15 (AS-15). The country’s largest lender accounts for almost 30 per cent of the additional provisioning that the 83 commercial banks taken together would have to make beginning 2007-08. The additional liability for

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CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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