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SBI downgrades MTNL's term loan account to NPA over non-payment of dues

Money ControlMoney Control · 2m
SBI downgrades MTNL's term loan account to NPA over non-payment of dues

- State Bank of India (SBI) downgraded MTNL's term loan account to NPA (Non-Performing Asset) due to non-payment of interest and installment. - SBI sent a letter to MTNL stating the total outstanding amount in the account as over Rs 325.52 crore and requested immediate payment to regularize the account. - SBI also asked for clarification on the news reports about the Centre paying MTNL dues and DoT stating no default, and sought status updates on the Land Monetization Plan. - SBI warned of legal proceedings for recovery and enforcement of securities in case of default. - Other banks like PNB, Union Bank of India, and Bank of India have already classified MTNL's account as an NPA, with a collective exposure of Rs 7,925 crore.

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