Satyam gets Rs.6 billion loan from banks

IDBI Bank, Bank of Baroda and LIC have reportedly sanctioned short-term loans worth Rs6bn to the scam-hit IT major Satyam Computer Services. According to a financial daily, certain formalities are yet to be completed, after which the loans would be disbursed. IDBI Bank has agreed to provide Rs2-3bn loan, while BOB and LIC will lend the balance, according to the online edition of the newspaper. This will help Satyam meet its immediate expenses, like salaries, rentals and vendor payments, among other things, adds the report.