The employee reduction is probably the largest by the bank in a single quarter and is likely to continue if the economic recovery does not quicken.
Ind-Ra analysed 100 top foreign exchange borrowers with a total forex exposure of Rs 19.5 lakh crore and found that only 36% of this is hedged for currency shocks.
In a note on Monday, Ind-Ra said securities backed by tractor loans witnessed highest movement of delinquent loans mainly because of the high dependence on cash.
Essar Power defaulted on payment of interest due on July 1 and Oct 31 in 2016. JSPL defaulted on interest payments due on Sept 30, Oct 31 & Nov 30 2016.
Net profit increased to Rs 129 crore or Rs 3.27 per share in the quarter ended December compared to Rs 81 crore or Rs 2.60 per share.
"RBI had issued a show cause notice to the bank, in response to which the bank submitted a written reply and also made oral submissions thereon."
Both the banks made huge gains in treasury during the quarter as bond yields fell due to a surge in deposits following the demonetisation of high value currency notes.
HDFC had cut the loan rate for new customers by upto 45 basis points earlier this month.
The securities are known as Regulation S bonds in market parlance. The notes are issued under SBI's $10 billion Medium-Term-Note (MTN) programme.
Vedanta is planning to raise funds to refinance its existing debt with buying back existing bonds worth nearly $2 bn, to mature in two years.
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