State Bank of India Chairman Rajnish Kumar on Monday said the resolution of Essar Steel will boost profitability in the third quarter of the current financial year. Besides, resolution of other stressed assets which are in the pipeline will have positive impact in the fourth quarter, he said.
The resolution of Essar Steel is a huge positive for the economy, he said.
"For MSMEs, I think the Insolvency and Bankruptcy Code (IBC) is not the right route. It is more for the bigger corporates. MSMEs should have a rehabilitation...we are not in favour to take them to the NCLT because it will burden the system unnecessarily," Kumar said.
He also said there will be money coming in from SBI Card stake dilution in the months to come.
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