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State Bank of India posts $1.1 billion fourth-quarter loss

State Bank of India (SBI) reported a loss of Rs. 7,718 crore ($1.1 billion), its biggest ever, in the January-March quarter, as the country’s biggest lender, set aside more provisions for bad loans after a change in banking regulation.

The loss for the three months to March 31 was deeper than the expected loss of 12.85 billion rupees on average by 16 analysts, according to some sources. The result also compared with a restated net loss of 34.42 billion rupees in the same period a year earlier.

Banks saw soured loans and provisions surge in the quarter after the Reserve Bank of India (RBI) in February eliminated half a dozen loan restructuring schemes to hasten the clean-up of near-record levels of bad debt. Most state-run banks that have reported quarterly earnings so far have posted losses.

Earlier this month, another state-run lender Punjab National Bank (PNB) had reported a net loss of Rs. 13,417 crore in the fourth quarter, the biggest ever by an Indian bank as PNB booked provisions to cover a massive fraud.

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Amritpal Singh Still On The Run: Centre Asks BSF, SSB To Be Alert At Border Posts

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The Ministry of Home Affairs (MHA) has asked the chiefs of the Border Security Force (BSF) and the Sashastra Seema Bal (SSB) to be alert in the border areas as there is a possibility that Waris Punjab De chief Amritpal Singh Sandhu might cross over the International Border in Punjab or via the India-Nepal border, reported Indian Express.

An officer said a message has been sent to all units of the BSF and SSB along with two pictures of Amritpal – with and without his turban. “It is reliably learned that Amritpal Singh, the chief of a pro-Khalistan outfit, has been declared a fugitive by Punjab Police.

There is a possibility that he crossed the India-Nepal border or International Border in Punjab. They have been asked to be alert and to sensitize all personnel deployed in the border posts,” an officer said.

The police had planned to arrest Amritpal at Mehatpur on the Jalandhar-Moga Road on Saturday. He, however, managed to escape and sources said he left his vehicle and mobile phone near Nakodar.

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In a statewide crackdown, the police nabbed 78 of his associates Saturday. The hunt for Amritpal continued for the second day with district police chiefs carrying out flag marches in major towns in Punjab and the state government extending internet suspension till Monday noon.

The Punjab Police booked Amritpal and seven of his associates under the Arms Act Sunday after they claimed to have recovered six 12-bore rifles and 196 cartridges. Amritsar (Rural) SSP Satinder Singh said over 100 illegal cartridges were seized from an associate of Amritpal. Later, the seven persons arrested from his team were sent to police custody till March 23.

According to Officials in intelligence agencies,  Amritpal had gone to Dubai in 2012 to work as a truck driver in his family transport business. Around the time, he also came in contact with Jaswant Singh Rode, brother of Pakistan-based proscribed Khalistani operative Lakhbir Singh Rode, and militant Paramjit Singh Pamma. It is suspected that they put him through to the Pakistani Inter-Services Intelligence (ISI) which offered him money to revive Khalistan sentiments in Punjab.
“Avtar Singh Khanda (UK-based SAD-Amritsar activist and close associate of Khalistani terrorist Jagtar Singh Tara) is the main handler of Amritpal Singh and the brain behind his meteoric rise. Khanda is also close to Pamma and is known for holding theoretical radical training classes for Sikh youth,” a security establishment official said.

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