Government waives bank guarantees for telecom operators on pre-2022 spectrum purchases; Vi to benefit most

NEW DELHI: In a move aimed at easing the financial burden on Indian telecom service providers, particularly Vodafone Idea Limited, the Cabinet has approved a proposal to waive the bank guarantees (BGs) that telecom operators were required to provide for spectrum purchases up to 2022.

This decision is expected to offer significant relief to major telecom companies, which collectively owe over Rs 30,000 crore in BGs to the government.