Loans to Mallya- Write off only in books says Jaitley

The bank said that the loan had been moved along with other bad loans to a category called Advance Under Collection Accounts

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New Delhi, Nov 16: The loans to Vijay Maliya is a write off only in the books said, finance Minister, Arun Jaitley in the Rajya Sabha today.

Rs 1,200 crores which liquor baron Vijay Maliyal owes had been labeled a write-off in books of the State Bank of India.

 Write off only in books: FM on Mallya

The bank said that the loan had been moved along with other bad loans to a category called Advance Under Collection Accounts, which allows them to take the bad debt off their books while keeping alive the option of pursuing its recovery.

Read more: Mallya PMLA case: ED to seize fresh Rs 1,700 crore assets

While countering the opposition in Parliament today, Jaitley said that the loans had not been waived. It means that in accounting books it is listed as a non-performing asset. A write-off does not mean the loans have been waived off and the same will still be pursued, Jaitley also said.

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