These duty rate changes will come into effect from May 6.
Analysts agree that Covid-19 pandemic will lead to an increase in bank’s gross non-performing assets with some reports pegging the stock to double as well.
As many as 43 crore transactions leading to disbursement of Rs 16,101 crore took place during the lockdown period, the Finance Ministry said in a tweet on Monday.
The brand, whose clothes have been worn by former first lady Michelle Obama, said online sales operations, which account for more than half its revenues, will continue as normal.
Indian banks are already grappling with 9.35 lakh crore rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019.
The government has permitted industrial estates, SEZ and industrial townships with restricted entry within urban areas of ‘red zones’ to commence operations.
The prime minister also had discussions with key economic ministries such as Agriculture and Farmers’ Welfare, and MSME to discuss various issues.
The bank is looking at the short term now – the next two or three quarters, a senior SBI official said on condition of anonymity.
SBI Chairman Rajnish Kumar said he is hopeful of more relaxations by May 31 and expects economic activity to return by the festive season.
Nationwide lockdown should only be lifted once the situation is fully under control, said State Bank of India Chairman Rajnish Kumar.