Indian telecom firm MTNL defaults on a large loan, yet Bank of India reports a significant profit increase.

MTNL, a government-owned Indian telecom company, has defaulted on a Rs 1,000 crore loan, leading Bank of India to set aside Rs 200 crore as a provision. Despite this, Bank of India reported a 63% increase in net profit to Rs 2,374 crore. MTNL has been financially struggling, reporting a loss of Rs 3,303 crore in the last fiscal year and owing a total of Rs 31,944.51 crore, including Rs 7,873.52 crore to banks.

November 11, 2024
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