SBI loses only Rs 1 crore in overseas credit derivatives

The government on Saturday said State Bank of India has suffered a loss of only Rs 1 crore in the overseas credit derivatives market even as private lender ICICI Bank has reported a loss of over Rs 1,000 crore.

"SBI has suffered a mark-to-market loss of Rs 1 crore because of exposure to overseas credit derivatives and investments," Minister of State for Finance Pawan Bansal told reporters here.

Bansal claimed that the bank did not suffer any actual loss. "It is just a notional loss which arose after the exposure to overseas credit derivatives," he said.

Other Indian banks which have reported losses due to exposure to overseas credit derivatives include Bank of India and Bank of Baroda.