SBI has questioned the veracity of AP govt. gaurantees
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SBI has questioned the veracity of AP govt. gaurantees

By Economic Times calender  09-Oct-2019

SBI has questioned the veracity of AP govt. gaurantees

  • SBI has questioned the veracity of guarantees the YS Jaganmohan Reddy-led Andhra Pradesh government has offered to raise funds for its power sector.
     
  • This was after the post-election renegotiation of several purchase deals cleared by his predecessor N Chandrababu Naidu.
     
  • In a letter dated September 30, SBI has also raised concerns about the state’s rising outstanding debt and sovereign guarantees. 
           Also read: Two senior Andhra politicians meet CM Jagan, join YSRCP
  • The bank was responding to an application for a Rs 3,000-crore term loan by the Andhra Pradesh Power Finance Corporation (APPFCL).
     
  • SBI sought the response from APPFCL on “veracity of the guarantee of AP govt. in the context of not honouring the commitments made by the previous governments.”

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