SBI rules out fresh loans for Kingfisher Airlines

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SBI rules out fresh loans for Kingfisher Airlines

The State Bank of India said on Wednesday that it had no plans of sanctioning fresh loans for the cash-strapped Kingfisher Airlines "at this point".

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The State Bank of India said on Wednesday that it had no plans of sanctioning fresh loans for the cash-strapped Kingfisher Airlines "at this point".

SBI sources told CNN-IBN that the bank did not want to send a wrong signal to its customers regarding its alleged fresh investment in the airlines.

"We don't want to send a wrong signal to our customers that we are continuing to invest in Kingfisher," the sources said.

The SBI, earlier on Wednesday, had refused to confirm reports that the bank had decided to extend a relief package to KFA.

The bank said it could not confirm the reports due to client confidentiality.

Reports had suggested that SBI had decided to extend a Rs 1650-crore relief package to Kingfisher Airlines.

The government maintained that it had no plans to give a bailout package to Kingfisher Airlines.

Civil Aviation Minister Ajit Singh said, "Air India is a government concern, what government does for Air India, it cannot do the same for a private airline."