People of India on Wednesday were shocked with the reports of country's largest bank SBI has waived the loans of 63 big shots amounting over Rs 7,000 crore. The list include Rs 1,200 crore loan granted to Kingfisher Airlines owned by Vijay Mallya.
Soon, Finance Minister Arun Jaitley issued a clarification on this matter. He told writing off of debt from the account books doesn't mean the debts have been waived off. He further added, 'These debts now come under Advance Under Collection Accounts (AUCA). Which means, Bank could pursue the case even though the loan was written off of the books'.
Vijay Mallya fled the country in March 2016 and currently staying at a mansion in UK. Courts have declared him as willful defaulter and proclaimed offender. Several arrest warrants have been issued against him so far. ED attached thousands of crores assets of the Liquor Baron so far.
Soon, Finance Minister Arun Jaitley issued a clarification on this matter. He told writing off of debt from the account books doesn't mean the debts have been waived off. He further added, 'These debts now come under Advance Under Collection Accounts (AUCA). Which means, Bank could pursue the case even though the loan was written off of the books'.
Vijay Mallya fled the country in March 2016 and currently staying at a mansion in UK. Courts have declared him as willful defaulter and proclaimed offender. Several arrest warrants have been issued against him so far. ED attached thousands of crores assets of the Liquor Baron so far.