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Vodafone Idea Bankruptcy Will Strain Bank Sector: SBI

Highlights
  • Vodafone Idea has cleared their self-assessed their Principal quantity of Rs 7,000 crore
  • IBA has instructed that RBI ought to deal with spectrum as a tangible asset
  • Vodafone Idea owes Rs 21,788 crore to personal sector banks

Vodafone Idea has been in hassle for a very long time due to the huge monetary misery attributable to the default in AGR dues. The supreme bench requested the telcos to pay their AGR dues with none delays. However, banks addressed the federal government and talked about their concern concerning the huge debt of Vodafone Idea in direction of the financial institution. The letter despatched to the federal government by the Indian Banks Association (IBA) additionally included statements from the SBI chairman Rajnish Kumar. As per the letter, if Vodafone Idea falls down, the banks may also face losses because the telco large owes large dues to varied private and non-private sector banks.

Vodafone Idea Owes Rs 17,560 Crore to SBI

As talked about within the letter to DoT which was seen by ET Telecom, Vodafone Idea owes an enormous quantity of Rs 17,540 crore to SBI. Not solely this, the telco large roughly owes Rs 6,965 crore and Rs 21,788 crore to varied private and non-private sectors banks respectively. IBA appealed the federal government to save lots of the telco large from large monetary misery as the autumn of telco large may also have an effect on the operations of banks. IBA instructed that RBI ought to deal with spectrum as tangible belongings and label it as property below the chapter code.

Also, IBA marked that fixation of minimal ground tariffs and discount in spectrum utilization cost will scale back the burden from the telco large. All these measures will push again the telco from the verge of insolvency, and it’ll additionally relieve all of the banks which owe a considerable quantity to the telco large.

Vodafone Idea Cleared Their Principal Amount Recently

Vodafone Idea is making an attempt to scale back their monetary legal responsibility. Recently, the telco large paid Rs 3,354 crore and cleared their self-assessed principal quantity which was roughly Rs 7,000 crore. The telco large self-assessed their AGR dues at Rs 21,000 crore out of which Rs 7,000 crore was the principal quantity.

However, as per DoT, the telco large has to pay a whopping quantity of Rs 53,000 crore in direction of AGR dues. To guarantee their viability available in the market, the telco large has requested the federal government to provide a interval of 15 years to clear off their AGR dues together with GST refunds of Rs 8,000 crore which might be settled of their AGR dues.

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