Breaking News

BSNL EMPLOYEES JUNE SALARY Payment Report: Statistics and Facts

JUNE SALARY Payment for BSNL Employees Report Statistics and Facts reveals that we can pay salaries on time this month.
 
BSNL and another MTNL for troubled telecommunications are burdened with large debts and have faced problems in the liquidation of staff salaries in the recent past two months.
JUNE SALARY Payment for BSNL Employees Report Statistics and Facts reveals that we can pay salaries on time this month.

State-owned company BSNL is confident that it will pay staff salaries on time for the month of June, Anupam Shrivastava, CMD, said to news media.

The company also has links with the State Bank of India recently for a loan of Rs 1,500 to meet working capital requirements, based on a letter of comfort extended by the Department of Telecommunications (DoT).

"BSNL EMPLOYEES JUNE SALARY Payment Report Statistics and Facts reveals that we are calm ... we can pay salaries on time this month as we paid May month salary in time," Shrivastava told PTI.

The salary bill of almost 900 crore rupees would be supported by loans from mobile companies, broadband and businesses, he said. The telecoms PSU, which has 1.68 lakh employees, has faced a problem in clarifying staff salaries for February.

Last month, the government extended an endorsement and a letter of consolation for the PSU to use up to Rs. 3,500 crore from banks for working capital requirements, a move that should give relief to the company that fights Intense liquidity pressure.


Shrivastava said that after the approval and comfort letter from DoT, the company has committed to SBI to obtain a loan of Rs 1500 crore, recently.


The rest of the amount would have been used according to the needs of the company, he said, adding that conversations with more banks continued.

"With the letter of consolation, we can turn to banks to obtain loans of up to 3,500 crore, while loans of up to 1,500 crore have been blocked, for the rest, we will take whatever is necessary, perhaps for June and July. this year "Shrivastava.

The SBI loan is a short-term loan, he said.
"This will be used for operating expenses and working capital requirements, we have sufficient land resources and a net worth to support our loans," he said.

Earlier this month, BSNL said its management is making every effort to alleviate the liquidity pressure on the company, and expects normalcy to be restored in the September quarter of 2019-20.

BSNL and another MTNL for troubled telecommunications are burdened with large debts and have faced problems in the liquidation of staff salaries in the recent past.

The government is developing a rescue plan for the two in the form of a recovery package that includes components such as the voluntary retirement program, the monetization of assets and the allocation of 4G spectrum.

No comments