It is a crime on the part of State Bank of India to give a loan of 1,650 crore rupees to Kingfisher. Some of it will be in the form of bank guarantees. It is ridiculous for RBI Deputy Governor K. C. Chakrabarty to say this was a professional decision and may help Kingfisher pay back all its loans. This is a very unprofessional decision. What will RBI do if SBI does not get its money? Print notes and give it to SBI?
Tag: kingfisher airlines
Cancel Kingfisher Licence
Kingfisher is in trouble again. It has cancelled flights without informing passengers and DGCA and passengers are suffering. DGCA should cancel its licence. Excuse of bird hits should not be accepted. Passengers book their tickets in advance. When they come to the airport and know flights are cancelled there is not much they can do. To get tickets on other airlines they may have to pay more.
Kingfisher Airlines and loan
Vijay Mallya is known as king of good times. He owns an IPL team. He owns a Formula One team. He constructs a multi-storeyed building beside a road named after his father. He hires models and has photoshoots outside India for his calendar. For all that he has money. He has no money to pay loan taken by Kingfisher Airlines which he owns. The airline has a loan of 6,000 crore rupees and he wants government to bail him out. Civil Aviation Minister Vayalar Ravi is ready to help him. Vayalar Ravi said â€œThe aviation industry is facing crisis. These carriers may be privately owned but are Indian carriers, and the ministry will have to watch out for them.â€