Debt

Debt financing

Future Retail's lenders approach RBI seeking exemption from NPA tag for loans

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Lenders to the Future Group plan to approach the Reserve Bank of India (RBI) to seek an exemption from tagging their loans to the retailer as non-performing assets (NPAs). Following a 19-month moratorium on repayments, Future Retail was supposed to pay lenders INR 3,494.56 crore on or before December 31. On Saturday, the company said it failed to meet the repayment obligation. As part of a debt recast process, Future Retail was supposed to repay lenders by selling some non-core assets; however, its efforts have not yielded results. Future Retail's lenders include Union Bank of India, Bank of India, Bank of Baroda, State Bank of India, Indian Bank, Central Bank, Axis Bank and IDBI Bank. The company owes banks INR 6,278 crore.