IFCI exposure to cost 14 banks Rs 930 cr on

Total

Depreciation

State Bank of India928179 Canara Bank330151 UCO Bank350135 Oriental Bank209100 Bank of Maharashtra9750  In May, the central bank had asked banks having an exposure in IFCI to transfer all their investments to the available-for-sale (AFS) category from the held-to-maturity (HTM) category by the end of June 2007.  However, following a representation from the banks, the banking regulator had allowed the banks to spread the additional hit they would take over four quarters on a pro rata basis, according to the market value at the end of each quarter, so that the full provisions are made by March 31, 2008.  Of the Rs 3,057 crore exposure, the banks have investments of Rs 1,071 crore in IFCI