India’s RBI asks local banks for details of Adani exposure - report

India’s RBI asks local banks for details of Adani exposure - report

February 2, 2023   02:02 pm

India’s central bank has asked local banks for details of their exposure to the Adani group of companies, government and banking sources said on Thursday.

The Reserve Bank of India (RBI) did not immediately respond to a request for comment.

The sources declined to be identified because they were not authorised to speak to the media.

Shares in Adani group of companies plunged on Thursday after the conglomerate, led by tycoon Gautam Adani, shelved a $2.5 billion share sale amid a turbulent market, citing the need to insulate investors from potential losses.

Information being sought by the RBI includes details of collateral being used to back loans and any indirect exposure banks may have, one of the sources said.

The Indian banking sector’s direct exposure to the Adani group was just 0.6%, Societe Generale said in a report on Wednesday. It said markets are “overpricing” the risk to Indian lenders of their exposure to the Adani Group and that a selloff in banking shares seemed overdone.

Source - Reuters

-Agencies

Disclaimer: All the comments will be moderated by the AD editorial. Abstain from posting comments that are obscene, defamatory or slanderous. Please avoid outside hyperlinks inside the comment and avoid typing all capitalized comments. Help us delete comments that do not follow these guidelines by flagging them(mouse over a comment and click the flag icon on the right side). Do use these forums to voice your opinions and create healthy discourse.

Most Viewed Video Stories

AG directed to file contempt charges against Deshabandu Tennakoon (English)

AG directed to file contempt charges against Deshabandu Tennakoon (English)

Ex-President Ranil to appear before Bribery Commission on Monday (English)

Sri Lanka and US agree to expedite bilateral trade agreement (English)

IMF reaches staff-level agreement with Sri Lanka on fourth review (English)

'Siri Dalada Vandanawa' to conclude on Sunday as planned (English)

'This will be the year that the Treasury will receive its highest income' - President

LIVE🔴 Ada Derana Prime Time News Bulletin 6.55 pm

🔴LIVE - Ada Derana 12.00 Midday Prime News Bulletin - 2025.04.25