The country's largest lender, State Bank of India (SBI), has only recovered around Rs 350 to Rs 400 crore of its overall Rs 1,500 crore lending to the grounded Kingfisher Airlines, said the bank's chairperson.
Arundhati Bhattacharya, CMD of SBI, who was in Bangalore on Saturday, said that recovering the full loan given to Vijay Mallya's airline business would take more time. "We have taken necessary steps for recovery, but that will take time because there is the legal system to negotiate," she said.
A 17-bank consortium, led by SBI, has been selling pledged shares in Mallya's UB Group of companies in the open market and has been trying to also sell other mortgaged assets of KFA and the UB group.
