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.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
GLOBUS INFOCOM LTD.
AMARA RAJA POWER SYSTEMS LTD.
RELIANCE JIO INFOCOMM LTD.
HAVELLS INDIA LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Kumar Mangalam Birla
Aditya Birla Group chairman Kumar Mangalam Birla recently made a comeb...
ICONS OF INDIA : SANTHOSH VISWANATHAN
Santhosh Viswanathan is the the Vice President and Managing Director f...
Icons Of India : Debjani Ghosh
Debjani Ghosh is the President of the National Association of Software...
PARTNER SPEAKERS
PSU
CERT-IN - Indian Computer Emergency Response Team
CERT-In is a national nodal agency for responding to computer security...
IOCL - Indian Oil Corporation Ltd.
IOCL is India’s largest oil refining and marketing company ...
TCIL - Telecommunications Consultants India Limited
TCIL is a government-owned engineering and consultancy company...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...
Indian Tech Talent Excelling The Tech World - PADMASREE WARRIOR, Founder, President & CEO - Fable
Padmasree Warrior, the Founder, President, and CEO of Fable, is revolu...
Indian Tech Talent Excelling The Tech World - Aman Bhutani, CEO, GoDaddy
Aman Bhutani, the self-taught techie and CEO of GoDaddy, oversees a co...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
