Monday 23rd, October 2017
canara news

Telecom sector under stress, banks not lending: Anil Ambani

Published On : 27 Sep 2017


Mumbai, (IANS) Reliance Group Chairman Anil Ambani on Tuesday said the telecom sector is under stress and banks are not extending any credit.

"The Reserve Bank of India in April asked all banks to be cautious on telecom. Banks are now not extending any credit," Ambani told the Reliance Communications (RCOM) annual general meeting here.

"The sector has transformed India as per late Dhirubhai Ambani's vision... The sector has brought mobility to a billion people, with only one winner - the customer," he added.

He, however, said there was a sharp erosion in the competitive landscape now and that some overseas operators have left the country.

"Over the last year, operator after operator has seen value erosion and large losses. I call this creative destruction of a sector, normally passed off as a disruptive factor," Ambani added.

He said the telecom sector needed a minimum of Rs 100,000 crore a year to expand and maintain quality of service.

"Telecom sector is moving towards a monopoly, oligopoly: Is that what the customers want? As far as RCOM is concerned, we have a transformation programme in place and running."







More News

Aadhaar linkage with bank accounts mandatory, says RBI
Aadhaar linkage with bank accounts mandatory, says RBI
Indian furniture market huge opportunity for Asia: HKTDC
Indian furniture market huge opportunity for Asia: HKTDC
RBI refuses to share details on clean India mission logo on new currency notes
RBI refuses to share details on clean India mission logo on new currency notes

Write your Comments

Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. canaranews.com will not be responsible for any defamatory message posted under this article.

Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on CANARANEWS to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using canaranews will be purely at your own risk, and in no way will canaranews.com be held responsible.