Central Bank Of India To Restructure Power Sector Loans (06-Feb-2012)
Central Bank of India, public sector lender is likely to restructure loans to power companies in the current quarter. In the current quarter bank has total exposure of around Rs 12,000 crore to the power distribution companies (discoms).
The bank has found that advances to the SEBs (state electricity boards) of Tamil Nadu, Bihar, Rajasthan, UP, Haryana, MP and Punjab, are the most vulnerable ones, according to the rating agency CRISIL. As per the recent CRISIL report losses of discoms rose 24% to Rs 27,500 crore between 2006-07 and 2009-10 and may rise to Rs 35,000-40,000 crore in 2010-11, mainly because of the problems the utilities are facing like no rise in tariffs for longer period by states and non-recovery of dues.
Central Bank of India was the first Indian commercial bank which was wholly owned and managed by Indians.
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