Reserve Bank of India asked lenders for details of their exposure to the Adani group, according to people with knowledge of the matter.
(Bloomberg) — Reserve Bank of India asked lenders for details of their exposure to the Adani group, according to people with knowledge of the matter.
This is standard operating procedure in case of unusual newsflow on a company as the normal information-gathering process for the RBI’s large exposure framework involves a time lag, the people said, asking not to be identified as the details are private. Reuters reported the development earlier.
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Dinesh Khara, chairman of State Bank of India — the country’s biggest bank — separately told Bloomberg that its loans to the Adani Group are backed by cash-generating assets and overseas exposure is “nominal.” IDFC First Bank told the exchanges its funded outstanding to Adani is 0.06%, non-funded outstanding 0.51% and it is receiving payments on schedule.
–With assistance from Saikat Das.
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