Vijay Mallya's due to SBI not waived off: Arun Jaitley
According to reports, the Rs. 1,200 crore dues owed by Kingfisher Airlines, which has now ceased to operate, has been labelled a write-off in the books of the State Bank of India.
Coming under attack from the oppositions at the Rajya Sabha, Jaitley said: "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 pursued."
The due amount has been moved to a category called AUCA or "Advance Under Collection Accounts" of the SBI which lets the banks to take the bad debt off their books while keeping the loan amount alive for chances of recovery.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.