Vijay Mallya's due to SBI not waived off: Arun Jaitley
According to reports, the Rs. 1,200 crore dues owed by Kingfisher Airlines, which has now ceased to operate, has been labelled a write-off in the books of the State Bank of India.
Coming under attack from the oppositions at the Rajya Sabha, Jaitley said: "It only means that in accounting books, it is listed as a non-performing asset. A write off doesn't mean forgiving loans. The loan will still be pursued."
The due amount has been moved to a category called AUCA or "Advance Under Collection Accounts" of the SBI which lets the banks to take the bad debt off their books while keeping the loan amount alive for chances of recovery.
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