Cairn Battle: PSBs told to appoint nodal officer

The Department of Financial Services has asked state-run banks to appoint a nodal officer amid increasing concerns that overseas assets or deposits of these lenders could be attached during a contested arbitration award involving Cairn Energy and the Centre.

The department wrote a letter to public sector bank chiefs suggesting they immediately inform Sanjay Kumar, director – banking operations, if they receive ‘any intimation/notice/letter’ from Cairn Energy Plc and its subsidiary Cairn UK Holdings.