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
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.
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.
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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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