SBI advises Snapdeal sellers to cut outstanding loans

State Bank of India has sent advisories to nearly 100 sellers, coming under online marketplace Snapdeal’s capital-assist programme, to reduce their outstanding loans above their drawing power. The All India Online Vendor Association recently wrote a letter to to commerce minister Nirmala Sitharaman, raising fears that Snapdeal holds ₹300-400 crore in the form of outstanding dues and goods in transit or refunds.