Banks grappling with increasing losses from MTNL

Late on Saturday last week, MTNL said it had defaulted on loan repayments of more than ₹8,346 crore to multiple banks led by Union Bank of India. State-owned Bank of India, Punjab National Bank, State Bank of India, UCO Bank, Punjab & Sind Bank and Indian Overseas Bank are also creditors of the company, according to the disclosures.