India's Bank of Baroda underreported bad loans by 52.5 billion rupees for the fiscal year ended March 31.

The bank's gross nonperforming assets as assessed by the Reserve Bank of India stood at 751.74 billion rupees as of March 31. The bank reported gross NPA of 699.24 billion rupees for the time period, according to a Dec. 17 disclosure.

The divergence in gross NPAs was 52.5 billion rupees, which was the same amount for divergence in the bank's net NPAs for the fiscal year. The central bank assessed that the bank had net NPA of 290.45 billion rupees, while the bank reported 237.95 billion rupees of net NPAs.

The divergence in provisioning for bad loans was 40.90 billion rupees. Bank of Baroda has made provision of 14.75 billion rupees during the fiscal year; as such, the remaining impact is 26.15 billion rupees.

Meanwhile, the bank also issued 17.47 billion rupees of perpetual bonds.

The bonds were issued Dec. 16 with a coupon of 8.99%.

As of Dec. 18, US$1 was equivalent to 71.02 Indian rupees.