State Bank of India seeks accountability on Future Retail store takeovers

Lenders have charge of inventory, exec says on RIL taking possession of some stores

The State Bank of India (SBI), which is among the key lenders of Future Retail (FRL), has asked the latter for accountability on the issue of Reliance taking over around 800 stores without any prior intimation to the creditors.

Lenders, including SBI, held a preliminary meeting and have objected to Reliance taking over the stores. FRL has to be held accountable for this, senior bankers said. They knew about it but did not provide any clear answers, the executives said.

Lenders have charge of stocks at the stores, said an executive of SBI. Lenders face many challenges, including making huge provisions for