2G ban shocker:Telecom Companies owe Rs10,000cr to PSU banks

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Indian money
New Delhi, Feb 3: The 122 telecom companies, whose 2G licenses (over spectrum scam) will be cancelled soon, reportedly owe Rs 10,000 crore to several Public sector (PSU) banks in India.

The banks, which the telecom companies owe huge amount of money are - State Bank of India (SBI), Punjab National Bank, Corporation Bank, Oriental Bank of Commerce. SBI alone has an exposure of Rs 4,500 crore in those telecom companies.

A senior Finance Ministry official on Friday, Feb 3 has been quoted as saying, "The public sector banks have an outstanding loan of Rs 10,000 crore, of which Rs 7,500 crore is secured (against assets)."

The revelation came just after the crucial verdict by the Supreme Court which pronounced that all 122 telecom companies, which received 2G licenses after Jan 10, 2008, will be cancelled soon.

The telecom companies (Cellular Idea, Tata Docomo, Videocon and many more) have been given a period of four months to look after the issue.

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