The lenders Chairman Dinesh Khara said that the bank does not see much concern ahead on the asset quality front despite the impact of the second Covid-19 wave on the economy.
Reliance Home Finance Ltd (RHFL) on Saturday said it has defaulted on loan of over Rs 40 crore from Punjab & Sind Bank even as the company has enough cash and cash equivalent which it cannot use due to a court order. The Anil Ambani-controlled Reliance Capital s subsidiary defaulted on loan on February 15, 2021, and the current amount of default is Rs 40 crore alongside an interest of Rs 15 lakh. The company s total obligation is of Rs 200 crore on a 5-year tenure secured term loan at 9.25 per cent per annum from Punjab & Sind Bank, RHFL said in a regulatory filing. The company has net cash (including cash equivalent, liquid mutual fund investments, fixed deposits etc) of more than Rs 1,500 crore, it said.
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A deal may be completed before the end of the current fiscal year, allowing JSW to take over the company while insulating it from any adverse Supreme Court judgement in cases related to BPSL, these people said.
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