Close to a dozen banks’ exposure to First Leasing, the financially troubled non-banking finance company, seem to be turning into bad loans. State Bank of India (SBI), the country’s largest lender, has decided to classify its own Rs 250-crore exposure as a non-performing asset.ICICI, Axis, State Bank of Travancore, State Bank of Mysore, UCO Bank and IDBI are among the others with a combined exposure of Rs 1,200 crore to the Chennai-based company, promoted by industrialist A C Muthiah and Farouk Irani, the latter a pioneer of the leasing business in India.

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