SBI provided loans worth $2.6 billion to Adani Group of companies: Report
By MYBRANDBOOK
According to a media report, State Bank of India (SBI) provided loans worth as much as $2.6 billion to the Adani Group of companies, said a person familiar with the matter. The person also said that the loans given by SBI to Adani Group of companies are about half of what is allowed under the rules. SBI’s exposure includes $200 million from its overseas units, the person said.
As per SBI chairman, Dinesh Kumar Khara, the loans to Adani group companies is not an “immediate challenge”. He said to a news source that “Our exposure is to the physical assets and they are having adequate cash generation and we have not experienced in the past any kind of a default from this entity and we don't expect to have any challenge because the assets are having very robust cashflow.”
Earlier, the Reserve Bank of India (RBI) reportedly asked Banks to provide details of their exposure to the Adani conglomerate.
After the report from US-based Hindenburg Research, Adani group of companies’ stock price fell. The stock price of Adani Enterprise dropped as much as 20 per cent.
Wealth units of Credit Suisse Group AG and Citigroup Inc. have reportedly stopped accepting securities from the group as collateral for margin loans to their clients.
However, the company has repeatedly denied all allegations in the Hindenburg report.
According to the Hindenburg report, other banks apart from SBI are also assertive regarding their loans to the Adani group. Last month, Punjab National Bank’s Chief Executive Atul Goel said that Punjab National Bank’s exposure to Adani companies was Rs 70 billion. A third of the loans was given to Adani’s airport business and cash-flows back the entire advances.
IDFC First Bank said in an exchange filing that the funded outstanding exposure to the Adani Group was less than 0.1 per cent of its total loans. IndusInd Bank has also clarified that its exposure to the conglomerate accounted for 0.5 per cent of its loan book.
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