With massive Rs 1.47 lakh crore of AGR dues pushing telecom firms to the brink, Reserve Bank of India Governor Shaktikanta Das on Monday said the central bank is “very closely monitoring” the fallout of the crisis on lenders by way of a default, if any, by telecom players.
In an interview with PTI, Das said so far no red flags have been raised but the central bank continues to monitor the situation closely.
The Supreme Court last week rejected a plea by mobile carriers such as Bharti Airtel and Vodafone Idea Ltd for extension in the payment schedule and asked them to deposit an estimated Rs 1.47 lakh crore in past dues for spectrum and licences by March 17.
Some telecom firms are already struggling with mounting losses and debt and the additional liability has raised concerns of them defaulting on existing loans.
