This Rakshabandhan women employees of State Bank of India have found out a novel way to make absconding defaulter Vijay Mallya to pay up the amount he owes the bank.
With ChairWoman Arundhati Bhattacharya leading from the front, these employees will be sending a giant Rakhi to Mr. Mallya and ask him to gift them the 6000Cr loan amount that is yet to be paid.
The decision was taken at a board meeting last week and was communicated to all employees via a circular.
Speaking to Faking News a source close to the development said, “After exhausting all our recovery options, we came with this plan. Hopefully we will at least some of our money back if not all.”
The giant Rakhi has already been dispatched and is expected to reach the UK residence of Mallya today.
Stock market reacted sharply to the news and the shares of SBI went up by 30% much to the joy of investors.
It is not yet clear if other banks too have done something similar.
SBI hopes that their NPA will come down considerably if Vijay Mallya responds to their rakhi gesture.