Supreme Court Order On AGR Dues Will Be Discussed Internally If Issues Arise: RBI Chief

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Supreme Court Order On AGR Dues Will Be Discussed Internally If Issues Arise: RBI Chief

Mr Das did not offer specific comments on the SC order, which might have ramifications for banks

New Delhi:

RBI Governor Shaktikanta Das said on Saturday that it will have internal discussions in case there are any issues arising out of the Supreme Court order regarding Adjusted Gross Revenue (AGR) dues.

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

Mr Das did not offer any specific comments about the order, which might have ramifications fon banks in terms of their exposure to the financially-stressed telecom companies.

When asked about the order, Mr Das said it would be internally deliberated upon, if at all there are issues arising out of it.

On Friday, State Bank of India (SBI) Chairman Rajnish Kumar had said that it was incumbent on telecom companies to find money and that it would be safe to presume that they would have made some arrangements for it by now.

His remarks came hours after the apex court order on the adjusted gross revenue (AGR) dues.

Meanwhile, addressing the media after the RBI’s board meeting, Mr Das said that credit growth is expected to pick up in the coming months.

Finance Minister Nirmala Sitharaman, who also addressed the board, said the finance ministry was monitoring banks on credit flow to the agriculture sector.

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