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The billion-dollar worry for PSU banks as legal tussle with Cairn heats up

May 12, 2021 12:03 IST | By Editorji News Desk

Govt owned banks are looking to appoint a nodal officer to safeguard their deposits that could be linked in the $1.2 bn arbitration award involving Cairn Energy and the Centre. 

ET reports that the govt has written a letter to public sector bank chiefs suggesting they immediately inform Sanjay Kumar, director – banking operations, if they receive ‘any intimation/notice/letter’ from Cairn Energy Plc and its subsidiary Cairn UK Holdings.

Reports also suggest that banks have been asked to reduce cash holdings in overseas accounts.