Wednesday, September 28, 2022

RBI Governor says will discuss AGR dues issues internally

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New Delhi: Governor Shaktikanta Das said on Saturday that the RBI will have internal discussions in case there are any issues arising out of the Supreme Court order regarding AGR dues.

What did the SC say on AGR dues?

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

Das did not offer any specific comments on the order, which might impact banks in terms of their exposure to the financially-stressed telecom companies. However, he said that it would be deliberated upon internally, if at all there are issues arising out of it.

The backdrop

The State Bank of India (SBI) Chairman Rajnish Kumar had said on Friday that it was incumbent on telecom companies to find the money to pay off AGR dues and that it would be safe to presume that they would have made some arrangements for it by now. Kumar’s remarks had come hours after the apex court’s directive on AGR dues.

Meanwhile, speaking the media after the RBI’s board meeting, Das said that credit growth is expected to pick up in the coming months.
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Finance Minister Nirmala Sitharaman, who also addressed the board, said that the Finance Ministry was monitoring banks on credit flow to the agriculture sector.

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