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Business

Telco Collapse to Hurt Banks & Economy, Says SBI Chairman

February 16, 2020 06:08 AM

COURTESY THE ET FEB16
New Delhi: Closure of any telecom company would be harmful to not only banks, but to the entire economy, SBI Chairman Rajnish Kumar said Saturday. His comments were with reference to the Supreme Court order directing the telecom companies to immediately pay dues of around ₹1.47 lakh crore to the government.

The Supreme Court on Friday ordered telecom companies to clear adjusted gross revenue (AGR) dues to the government by March 17.


Kumar said: “This is not just about the banking system. When any enterprise closes, whether from the telecom sector or any sector, that impacts everyone — banks, taxes, employment. Everybody gets impacted. That impact, when it comes, we will have to pay the price.”

The issue was between the companies and the department of telecommunications and SBI was on a “wait-and-watch mode”, he said, adding that none of the accounts of the telecom companies concerned had become non-standard after the SC judgment.

Deposit Insurance

Kumar also said the bank would not pass on the burden of the hike in premium of deposit insurance to its customers. The Deposit Insurance and Credit Guarantee Corporation had raised deposit insurance premiums from 10 paise per ₹100 deposit per annum to 12 paise after the budget increased deposit insurance coverage to ₹5 lakh from ₹1 lakh.

—Our Bureau

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