State Bank of India (SBI) on Tuesday said extradition of fugitive liquor baron Vijay Mallya from the UK to India will speed up the recovery of over Rs 9,000 crore of loans.
In a major boost to India's efforts to bring back Vijay Mallya, who is wanted for loan default worth around Rs 9,000 crore to a consortium of 13 banks led by SBI, a UK court on Monday ordered his extradition.
State Bank of India (SBI) on Tuesday said extradition of fugitive liquor baron Vijay Mallya from the UK to India will speed up the recovery of over Rs 9,000 crore of loans.
In a major boost to India's efforts to bring back Mallya, who is wanted for loan default worth around Rs 9,000 crore to a consortium of 13 banks led by SBI, a UK court on Monday ordered his extradition.
"It (higher recovery of loans) is a possibility. The message is very loud and clear. What we have to understand is that it (extradition) is a message that you just can't default바카라 웹사이트and run away from the country," SBI chairman Rajnish Kumar바카라 웹사이트told reporters.바카라 웹사이트
He said Mallya's extradition will have a deep impact바카라 웹사이트on the overall lender and borrower relationship.
"Lending is an important business for both lenders and바카라 웹사이트borrowers as we need investment in the country. But the바카라 웹사이트message is that you have to do clean banking and you have to바카라 웹사이트be very careful about what is the purpose of the money lent,"바카라 웹사이트said Kumar.
The 62-year-old former boss of now defunct Kingfisher바카라 웹사이트Airlines fled to the UK in March 2016. Mallya has been바카라 웹사이트fighting a legal battle against his extradition to India,바카라 웹사이트claiming that he has been falsely dubbed as a defaulter by바카라 웹사이트politicians and media.
In a recent tweet, Mallya had offered to pay back the바카라 웹사이트full amount of the principal loan he owed to multiple banks.
"The most important point is the public money and I am바카라 웹사이트offering to pay 100 per cent back. I humbly request the banks바카라 웹사이트and government to take it. If payback refused, WHY (sic),"바카라 웹사이트Mallya had said in his tweet.
However, Kumar said the bank has not received any바카라 웹사이트formal offer from Mallya for settlement of loans.
"SBI is the lead consortium (to loans given to바카라 웹사이트Kingfisher Airlines), and, as of date, we don't have any offer바카라 웹사이트on our table," he said.
Kumar further said with Mallya's extradition, the바카라 웹사이트process to extradite Nirav Modi and Mehul Chowksi, wanted in바카라 웹사이트the biggest-ever banking fraud of over Rs 13,000 crore at바카라 웹사이트state-run Punjab National Bank, will also pick up pace.
When asked for his response on the surprise바카라 웹사이트resignation of Reserve Bank of India (RBI) governor Urjit바카라 웹사이트Patel, Kumar said, "That is one question which I am not바카라 웹사이트answering."
Patel unexpectedly resigned Monday citing 'personal바카라 웹사이트reasons', amid rift between the central bank and government.
To a query on whether he sees any relaxation in RBI's바카라 웹사이트February 12 circular on one-day default norms post resignation바카라 웹사이트of Patel, he said, "I don't know whether there will be바카라 웹사이트relaxation or no relaxation. It is very difficult to predict."
On the issue of resolution of stressed power바카라 웹사이트companies, Kumar said he expects resolution in six to seven바카라 웹사이트firms.
On the issue of promoter's holding in a bank, he said바카라 웹사이트a wider ownership is always preferred.
"It is a good thing for Indian financial system to바카라 웹사이트have a diversified ownership rather than a concentrated바카라 웹사이트ownership," said Kumar.
(PTI)