Vodafone Idea (Vi) has assured banks that it will not default on payment deadlines.

To this end, the telco has reportedly told the lenders that the bulk of the cash flow generated from fundraising will be used to pay the banks as its next installment of adjusted gross revenue (AGR) dues is scheduled only in March 2022.

The State Bank of India (SBI) has lent Rs 112 billion to Vi, while Punjab National Bank has advanced Rs 10 billion. Further, other major lenders are private banks led by IndusInd Bank which has lent Rs 50 billion and ICICI Bank which lent Rs 17 billion.