IDBI Bank To Tag Debt-ridden Kingfisher Airlines Wilful Defaulter
Advertisement
Advertisement
After a report by Ernst & Young (E&Y) pointed to gaps in Kingfisher’s running, other banks like SBI (the lead bank for the airline’s loan) and Punjab National Bank are also ready to declare it a wilful defaulter. United
IDBI Bank chairman and managing director MS Raghavan said, "The process is in an advanced stage and we would send out a notice declaring them as a wilful defaulter in a couple of weeks. Last week, we submitted all papers relating to the account, such as statement of accounts, account opening form and cheque books, to the CBI for the agency to start a preliminary enquiry against the company."
Raghavan stated that the Rs 750 crore owed by Kingfisher Airlines to IDBI Bank is currently a bad debt in the books of the bank. "It is an NPA (non-performing asset) and has been fully provided for by the bank," he said.
IDBI is looking to raise Rs 5,000 crore by paring down the government of India stake in it, added Raghavan. The bank is targeting a growth of 12% in its deposits and 15% in advances and planning to expand its network to 2,000 branches by the end of this fiscal year, he concluded.
Advertisement
Advertisement
- Should you be worried about the potential side-effects of the Covishield vaccine?
- India T20 World Cup squad: KulCha back on menu, KL Rahul dropped
- Sales of homes priced over ₹4 crore rise 10% in Jan-Mar in top 7 cities: CBRE
- Gold prices fluctuate as geopolitical tensions ease; US Fed meeting, payroll data to affect prices this week
- Best beaches to visit in Goa in 2024
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market