Kingfisher Airlines auditor hints scam?
State run banks will be able to take a final decision on their lending towards
the beleaguered Kingfisher Airlines Ltd only after December 31. Central Bank of India,
which has an exposure of Rs 350 crore towards Kingfisher Airlines, said that the
bank will toe the line which the 17 bank consortium will take. "We alone will not
be deciding but the issue of recovery will arise only after December 31 when the
license of the airline expires," said Central Bank of India executive director
RK Dubey.
Dubey said that the Government has done its part by allowing FDI in domestic
Airlines and now it is Mallya's turn to bring in the funds. Defending the increase
in Net NPAs or bad loans to 3.80% this quarter as against 3.22% last fiscal, Dubey
said that the bank's focus is on asset quality improvement, mostly in retail and
SME sector. The bank also aims to reduce its bulk deposit to around Rs 50,000 crore.
On Wednesday, country's largest lender State Bank of India had said that Kingfisher
Airline should attend to capital needs urgently and around $1 billion will be a
good starting point.
SBI's chairman Pratip Chaudhuri had said that the banks are not interested where
the capital is coming from-whether it is coming from Mallya, his group company,
outside Indian, overseas, or airlines. Kingfisher Airlines has an outstanding
exposure of around Rs 7,000 crore towards 11 state-run banks. SBI, the leader of
the consortium, has an exposure of Rs 1,458 crore. Much of the lending to the
grounded airline has already been classified as NPA.
Kingfisher's Q2 revenues plunged to Rs 200 crore, from Rs 1,553 crore in the same period last year because of disruption in operations and eventual suspension of its licence by aviation regulator DGCA.
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