Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.


Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence


Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
2-min read

Confident of Timely Payment of Salary for May: BSNL Chief

Predatory tariff offerings by the competitors have triggered sharp decline in revenue from services, causing massive debt and problems in clearing staff salaries in the recent past, says BSNL Director.


Updated:May 27, 2019, 4:42 PM IST
Confident of Timely Payment of Salary for May: BSNL Chief
File photo of BSNL

New Delhi: State-owned BSNL is confident of making timely payment of staff salaries for the month of May, Chairman and Managing Director Anupam Shrivastava said Monday.

The company has also tied up with State Bank of India recently for a Rs 1,500 crore loan to meet its working capital requirements, based on a letter of comfort extended by Department of Telecom (DoT). "We are comfortable. We will be able to pay salaries on time this month," Shrivastava told PTI.

The salary tab of nearly Rs 900 crore would be supported by receivables from mobile, broadband and enterprise businesses, he said. The telecom PSU, which has 1.68 lakh employees, faced a problem in clearing staff salaries for February.

The government last month extended an approval and letter of comfort for the PSU to avail loans of up to Rs 3,500 crore from banks for working capital needs - a move that is expected to spell relief for the company battling intense liquidity pressure.

Shrivastava said following the approval and letter of comfort from DoT, the company has tied up with SBI for a loan of about Rs 1,500 crore, recently. The rest of the amount would be availed depending on the company's requirements, he said adding that talks were on with multiple banks.

"With the letter of comfort, we can approach banks for loans of up to Rs 3,500 crore. While loans of up to Rs 1,500 crore have been tied up, for the balance, we will take as needed, maybe by July this year," Shrivastava said. The loan from SBI is short-term borrowing, he said. "This will be used for operational expenditure and working capital needs. We have sufficient land assets and net worth to support our borrowing," he said.

Earlier this month, BSNL said its management is making all efforts to ease liquidity pressure on the company, and expects normalcy to be restored by September quarter of 2019-20.

BSNL Director had shot off a letter to all Chief General Managers of telecom circles on May 16, flagging the "fiercest ever competition" being faced by the telecom sector and said "predatory tariff offerings by the competitors" have triggered sharp decline in revenue from services. BSNL and another distressed telecom PSU MTNL are saddled with massive debt and have faced problems in clearing staff salaries in the recent past.

The government is in the process of working out a rescue plan for the two in form of a revival package that entails components like Voluntary Retirement Scheme, asset monetisation, and allocation of 4G spectrum.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

Most Active
Company Price Change %Gain
Indiabulls Hsg 167.90 -2.98
TCS 2,015.50 -1.51
Eicher Motors 19,760.00 2.81
HDFC 2,066.95 0.89
Yes Bank 41.40 0.85
Company Price Change %Gain
Indiabulls Hsg 168.00 -2.83
Bajaj Consumer 266.65 13.64
Yes Bank 41.40 0.61
Maruti Suzuki 6,974.35 -0.04
Bajaj Finance 4,013.75 -0.12
Top Gainers
Company Price Change %Gain
Eicher Motors 19,760.00 2.81
Yes Bank 41.40 0.85
HDFC 2,067.00 0.89
GAIL 127.65 0.67
Britannia NCD 3,204.15 0.86
Company Price Change %Gain
HDFC 2,067.00 0.83
TCS 2,016.25 0.77
Asian Paints 1,773.95 0.47
NTPC 118.30 0.68
ITC 245.30 0.66
Top Losers
Company Price Change %Gain
Hindalco 183.55 -2.34
Vedanta 146.60 -2.20
TCS 2,015.35 -1.52
Grasim 719.45 -1.56
Tata Steel 342.50 -1.41
Company Price Change %Gain
Vedanta 146.85 -1.90
Tata Steel 342.60 -1.40
HCL Tech 1,089.65 -1.02
ONGC 140.40 -0.85
Infosys 767.30 -0.54

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results