Indian Bank has exposure to the tune of around Rs 39 crore towards 2G licences, which according to Bank's senior official is safe. The money was given to Videcon Industries by the bank.
It may be noted the Supreme Court today cancelled all 122 2G licenses issued on or after January 2008, Videcon Industries had received 21 licences.
Bank's Chairman and Managing Director TM Bhasin said that, "The owners of the company have given personal guarantee and after the verdict they (owners) have said whenever the bank wants the money it will be given back."
The other major public sector bank based in Tamil Nadu, Indian Overseas Bank said that the bank does not have any exposure towards licences. Banks CMD M Narendra said that "no loan was given towards licences for any telecom companies."