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| Exchange Received Time 21/03/2018 16:30:44 Exchange Disseminated Time 21/03/2018 16:30:49 Time Taken 00:00:05 | We draw your attention to media reports referring to a Bank Guarantee issued by the Bank to certain Telecom companies.
The said Bank Guarantee has been issued by the Bank on behalf of Bharti Airtel Limited. Telecom Disputes Settlement and Appellate Tribunal (TDSAT), vide its order dated 9th January, 2018 has required the said BG to be returned. Axis Bank has been informed that the TDSAT order is operative. We are seeking clarification from TDSAT on the matter, and will comply with all directions. Axis Bank stands committed to honour its commitments.
We further clarify that the Bank has non-fund based exposure of Rs. 9,222 crore to the Telecom sector as of December 31, 2017, of which approximately 97% is to clients rated AA or Better. The Bank would also like to mention that it has no exposure to Aircel.
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