State-run telecom operator Mahanagar Telephone Nigam has formally disclosed defaults in principal and interest payments to seven public sector banks amounting to Rs 8,584.93 crore.
The seven affected public sector banks are: Union Bank of India, Bank of India, Punjab National Bank, State Bank of India, UCO Bank, Punjab & Sind Bank, and Indian Overseas Bank, the company informed the stock exchanges on Tuesday. The overdue principal amount with the seven public sector lenders stood at Rs 1,868.61 crore, the filing said.
According to the exchange filing, the earliest default was flagged in August 2024 in Union Bank of India, with subsequent non-performing assets being recorded through February 2025 in Indian Overseas Bank.
MTNL’s aggregate financial indebtedness — spanning bank loans, sovereign-guaranteed bonds, and DoT-backed borrowing — stands at Rs 34,484 crore. This includes bank loans of Rs 8,585 crore, sovereign guarantee bonds of Rs 24,071 crore and loans from the Department of Telecommunications for repaying sovereign guarantee bond interest of Rs 1,828 crore, the filing said.
