After State Bank of India and Bank of Baroda, four other lenders — Punjab National Bank, IDBI Bank, Central Bank of India and Bank of India — have classified their exposure to the beleaguered Kingfisher Airlines as a non-performing asset (NPA).
Banks say they will not provide any additional funding to the airline until it shows some revenues on its books.
The consortium of eight banks with exposures to Kingfisher will be meeting soon to chalk out the future course of action. “It will be joint action by the SBI-led consortium,” a senior IDBI Bank official told Financial Chronicle.
Some officials of other banks in consortium, however, say no meeting is scheduled. One of them said, “Banks together hold about 24-25 per cent of the capital of Kingfisher.
01/02/12 Manju Ab, Shruti Verma Khare & C Shivkumar/mydigitalfc.com
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