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BSNL Finance Director replaced amid financial crisis

IANS  |  New Delhi 

Amidst the acute financial crisis at BSNL, the (DoT) has handed over the responsibility of the Director at the cash-strapped PSU to current as well as fixed line, divesting the charge from

sources said Banzal, who is already holding two key charges, has been given the charge of Director and this was effected by the DoT on February 28.

Banzal would now be looking at all the three key wings -- fixed line, mobile and at BSNL.

The sources said that the government decides responsibilites and such things were routine and although more realignment of responsibilities were likely to be effected from DoT in BSNL.

Ray is slated to retire in April.

But it is not clear if any new Finance Director would be appointed shortly or Benzal will be given this post as full time given the poor financial health of the PSU, the post is vital. >

Banzal took charge on March first week as Finance Director.

The reasons for the sudden replacement have not been cited but it was seen in the context of the present cash crunch position of BSNL which is expected to linger on given the low tariff regime and BSNL itself not having full range of services like 4G.

Going through its worst financial crisis, BSNL recently failed to pay salaries for the first time in 19 years.

With heightened competition unleashed by with low tariffs, BSNL's revenues have further dried up as it does not have 4G LTE service. Its loss is at Rs 7,999 crore for 2017-18.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 15 2019. 11:20 IST