Govt waives bank guarantees for past spectrum auctions; letters sent to Vodafone-Idea, Reliance Jio and Bharti Airtel

Vodafone-Idea, which is yet to roll out 5G services, now no longer needs to submit these bank guarantees, and the Centre’s decision now opens the space for lenders to extend much-needed credit to the struggling telco. It urgently needs funding to ramp up 4G coverage and roll out 5G soon to catch up with bigger rivals Jio and airtel. The loss-making telco had previously said lenders were not willing to furnish the additional guarantees, given its financial stress.