PSU banks' exposure at Rs 10,000 crore in telecos hit by SC order
"The public sector banks have an outstanding loan of Rs 10,000 crore...of which Rs 7,500 crore is secured (against assets)", a senior Finance Ministry official said.
The Ministry, the official said, was seeking information about the collaterals against which the remaining amount of Rs 2,500 crore was provided to the telecoms which figure in the list of companies whose licences were cancelled by the Supreme Court yesterday.
The exposure of PSU banks in these telecom companies, he added, was "very much limited" in view of the overall asset size of the state-owned lenders.
The apex court yesterday cancelled 122 2G spectrum licences granted by former telecom minister A Raja on the ground that they were issued in a "totally arbitrary and unconstitutional" manner.
It had also imposed a fine of Rs 5 crore each on three telecom companies, which offloaded their shares after getting the licences and directed regulator Telecom Regulatory Authority of India (TRAI) to make fresh recommendations on allocation of 2G licences.
As far as individual lenders are concerned, State Bank of India said it had total exposure of Rs 4,500 crore in these telecom companies.
The other lenders including Punjab National Bank, Corporation Bank, Oriental Bank of Commerce too have exposure in these telecom companies.
More from India
More from World
More from Sports
More from Entertaiment
- 7th Pay Commission recommends 23.55% hike in salary for central govt employees; minimum salary set at Rs 18,000 per month
- Shocking fact of pay 'hike' in 7th Pay Commission recommendations!
- Full Report of 7th Pay Commission
- Unbelievable! Clean and healthy meals on Indian Railways at just Rs 20
- E-commerce war: Paytm Diwali sale offers 100% cashback on 25 million products