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

New Delhi: SBI Cards and Payment Services has reported outstanding borrowings worth Rs 17,362.86 crore at the end of March 2020. The company had the highest credit rating during the previous fiscal year ended March 2020 with AAA/ Stable rating by Crisil and ICRA, it said in a regulatory filing on Wednesday.

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

It further said that it shall be liable to pay a fine to BSE up to 0.2 per cent of the shortfall in case there is a deficit in the mandatory borrowing through debt securities, to be levied at the end of the two-year block period.

The company said that its brand name is SBI Card and its registered name is SBI Cards and Payment Services Limited.

Earlier in a regulatory filing on Tuesday, the company had informed stock exchanges about its business continuity plan amidst the nationwide lockdown due to the coronavirus pandemic which has been extended till May 3, 2020, saying it continues to closely monitor its asset quality with regard to collections.

“While our field collection operations continue to remain restricted, the company has scaled up its tele-calling capabilities by enabling collection employees and agency personnel to call customers from home,” it had said.

On liquidity, it said that the company has adequate liquidity as the repayments are higher than daily spends and the surplus so generated is being used to prepay some of the working capital loans.

Treasury operations are running normal and all contractual obligations are being serviced including repayment of loans and servicing of interest payments, it added.

The stock of SBI Cards and Payments Services stood at Rs 559.80 apiece, 5.22 per cent higher than its previous close on BSE.