SBI writes off Rs 1201 cr loan given to King Fisher

sbi-1In a huge relief to liquor baron Vijay Mallya, SBI has written off loan to the tune of Rs 1201 crore given to King Fischer Airlines, a company owned by him.

He is one among the 63 defaulters whose loans were written off by the Bank. His amount was stated to be the largest among all.

According to Bank officials, there are nearly 100 wilful defaulters out of which the 63 people owe a total of Rs Rs 7016 crore. Bank officials said they were forced to take the decision as the efforts to recover the amount have failed. The Bank has mentioned a special dustbin called “Advance Under Collection Account (AUCA)”, technically known as a write-off.

According to a report by DNA, 63 accounts in the list have been fully written off, 31 have been partially written off and six have been shown as non-performing assets (NPAs). As on June 30, 2016, SBI has written off Rs 48,000 crore worth bad loans.

Kingfisher Airlines owes a total of Rs 6,963 crore to 17 banks, of which SBI’s loan is Rs 1,201 crore

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