On Friday criticizing the role of media on the report of Vijay Mallya's loan waiver, State Bank of India's Chair-Managing director, Arundhati Bhattacharya refuse any intention of the loan being waivered for the embattled liquor baron.
SBI Arundhati Bhattacharya has also further conveyed that, this accusation is a mischievous allegation done by the certain parts of the media to gratuitously give us a bad name and to blotch our status. It is a technically accounting entry that is done in order to clean the balance sheet.
She has also further conveyed that, by putting it under this particular account which is account under collection, there is much improved control and much better review of these accounts to guarantee that recovery happens at the initial.
Though, the SBI Chairperson reassured that recoveries would take place but it might take little time. Former reports had appeared that approximately Rs 1,200 crore in dues owed by Vijay Mallya's collapsed Kingfisher Airlines has been labelled a write-off in the books of India's major bank, the State Bank of India.
Confronting an opposition attack in parliament, Finance Minister Arun Jaitley declared that the loans had not been waived. Finance Minister Arun Jaitely has also further conveyed in the Rajya Sabha that, it only means that in accounting books, it is listed as a non-performing asset. A write off doesn't mean forgiving loans. The loan will still be followed.