AGR issue: Nobody wants to kill telecom sector, says SBI chairman Rajnish Kumar

Mumbai: With the telecom firms staring at a significant Rs 1.47 lakh crore of AGR dues, SBI chairman Rajnish Kumar on Monday explained “no one wishes to get rid of the sector”.

The condition-owned lender is however to listen to from the governing administration on the issue, he mentioned, when requested if it has sought views from bankers.

“No person desires to eliminate the sector, let me be quite crystal clear,” Kumar said, when asked about the complications currently being confronted by the telecom market.

It can be pointed out that earlier this thirty day period, Kumar experienced stated that State Financial institution of India has a mortgage exceptional of Rs 29,000 crore to the telecom sector and a different Rs 14,000 crore in lender guarantees, which can get invoked in case of a non-payment of dues by the telcos.

There has been a flurry of conferences in the nationwide cash involving senior official of the telecom corporations and the authorities more than the past week.

Previously this thirty day period, the Supreme Courtroom has questioned the telecom corporations to deposit an estimated Rs 1.47 lakh crore in previous dues for spectrum and licences by 17 March.

Payment of the dues is getting noticed as an existential danger for some players, specifically Vodafone Notion, which has to pay back RS 53,000 crore.

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