SBI advises some 100 Snapdeal sellers to cut outstanding loans

Snapdeal

Latest News  – The State Bank of India has sent advisories to nearly 100 sellers, coming under online marketplace Snapdeal‘s capital-assist programme, to reduce their outstanding loans above their drawing power.

The advisory comes following a letter written by All India Online Vendor Association (AIOVA) to Union Commerce Minister Nirmala Sitharaman, raising fears that Snapdeal may default on payments to the sellers.

The letter estimated that in any given month, Snapdeal holds Rs 300-400 crore in the form of outstanding dues and goods in transit or refunds.
“We have sent advisories to not more than three-digit number of sellers, coming under Snapdeal’s capital-assist programme, asking them to (Read More)

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s