Day after SC slams Bharti Airtel, Vodafone Idea, other telcos on AGR dues, RBI says this

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Updated: February 15, 2020 1:52:33 PM

On Friday, the Supreme Court threatened contempt proceedings against top executives of Bharti Airtel, Vodafone Idea and other telecom firms for failing to comply with its directive to pay an estimated Rs 1.47 lakh crore in past dues.

Bharti Airtel, Shaktikanta Das, RBI Governor, AGR dues, Supreme Court, Vodafone Idea, Rajnish Kumar, Nirmala Sitharaman, agriculture sectorRBI Governor Shaktikanta Das

RBI Governor Shaktikanta Das on Saturday said it will have internal discussions in case there are any issues arising out of the Supreme Court order regarding AGR dues. On Friday, the Supreme Court threatened contempt proceedings against top executives of Bharti Airtel, Vodafone Idea and other telecom firms for failing to comply with its directive to pay an estimated Rs 1.47 lakh crore in past dues.
Das did not offer any specific comments about the order, which might have ramifications on banks in terms of their exposure to the financially-stressed telecom companies.

Watch video: Supreme Court judgement on telcos illogical; government must share the blame

When asked about the order, Das said it would be internally deliberated upon, if at all there are issues arising out of it. On Friday, State Bank of India (SBI) Chairman Rajnish Kumar said it was incumbent on telecom companies to find money and that it would be safe to presume that they would have made some arrangements for it by now.

His remarks came hours after the apex court order on the adjusted gross revenue (AGR) dues matter.
Meanwhile, addressing the media after the RBI’s board meeting here, Das said that credit growth is expected to pick up in the coming months. Finance Minister Nirmala Sitharaman, who also addressed the board, said the finance ministry was monitoring banks on credit flow to the agriculture sector.

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