DoT blacklists bank guarantees issued by Standard Chartered Bank

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The telecom department has blacklisted bank guarantees issued by Standard Chartered after the bank failed to invoke one that was issued for Aircel Group. In a strongly worded office memorandum sent to all telecom operators and concerned officers, the DoT (department of telecom) has directed entities that they should not accept bank guarantee (BG) from Standard Chartered Bank, including renewals.
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