Cabinet's Rs 30,000 crore bank guarantee relief for telecom industry

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Times of India 6h ago

Cabinet's Rs 30,000 crore bank guarantee relief for telecom industry - Times of India

Quick Summary:

The Indian government has provided significant financial relief to telecom companies by removing the requirement for bank guarantees on past spectrum purchases.

This move, exceeding Rs 30,000 crore in relief, will particularly benefit Vodafone Idea, which faced a substantial financial burden.

While aiding the industry's financial health, certain conditions ensure protection against potential payment defaults.