Federal Bank recovers Rs 10 crore dues from Kingfisher.
Federal Bank, a part of the consortium that had given loans to Kingfisher Airlines, has recovered Rs 10 crore till date and is making efforts to get back the remaining dues from the beleaguered carrier.
“So far we have recovered Rs 10 crore from Kingfisher Airlines. We had an exposure of Rs 85 crore in the company,” Federal Bank Managing Director Shyam Srinivasan told PTI.
The bank expects more to come from the ongoing recovery process of the consortium, he said.
The consortium of 17 banks, led by State Bank of India (SBI), has an outstanding debt of about Rs 7,000 crore from the now-grounded carrier.
SBI has the maximum exposure, over Rs 1,600 crore, in the Vijay Mallya-led airline. It is followed by Punjab National Bank with Rs 800 crore, IDB at Rs 800 crore, Bank of India at Rs 650 crore and Bank of Baroda Rs 550 crore.