SBI steers clear of support
It is incumbent on the telecom companies to find money and it will be safe to presume that they would have made some arrangements for it by now, SBI chairman Rajnish Kumar said on Friday.
The comment on telecom companies comes on a day the apex court made it clear that they will have to cough up the Rs 1.47 lakh crore in adjusted gross revenue (AGR) dues and questioned why contempt proceedings should not be initiated against those who are coming in the way of implementing its order.
“It is now for the telecom companies to decide how they will find the money or what course of action they will take,” Kumar told reporters on the sidelines of a Nasscom event here.
“They (telcos) would have made their arrangements is what I presume,” Kumar said, adding that it has not been approached by any of the telecom company.
Kumar said the bank has a Rs 29,000-crore exposure to the telecom sector and another up to Rs 14,000 crore in non-fund based exposure, which will devolve only if there is non-payment of dues. The bank’s gross non-performing assets include Rs 9,000 crore from the telecom sector, Kumar said.