Axis Bank said on Saturday that the loan given to the crisis-hit Adani Group is 0.94 per cent of its total loan. The loans given to the Adani group are mainly for companies working in sectors like ports, transmission, power, gas distribution, roads and airports.
Private sector Axis Bank said on Saturday that the loan given to the crisis-hit Adani Group is 0.94 per cent of its total loan. The bank told the stock market that they give loans on the basis of cash, security and ability to repay the liabilities as per the loan appraisal framework of the bank. The private bank said that on this basis they are comfortable with the loan given to the Adani group.
What did the bank tell?
In the information given to the stock market, it has been said that the loan given to Adani group is mainly for companies working in sectors like ports, transmission, power, gas distribution, roads and airports. The bank said that fund-based outstanding as a percentage of net loans stood at 0.29 per cent, while non-fund based outstanding stood at 0.58 per cent. It further states that the investment is 0.07 per cent of the bank’s net advances till December 31, 2022.
Apart from this, Axis Bank has said that it has a strong balance sheet with a standard asset coverage of 1.53 per cent as on December 31, 2022.
How much loan given by SBI?
Earlier, the country’s largest bank State Bank of India (SBI) had told that it has given loans worth about $ 2.6 billion (i.e. 21 thousand crore rupees) to Adani Group. According to Bloomberg’s report, this is about half of the amount allowed under the rules. According to reports, SBI has received around $200 million from its foreign units.
In fact, the Reserve Bank of India, ie RBI, as the banking regulator of the country, had sought the details of the loan given to the group from the banks. He took this step after a steep fall in the share prices of Adani Group companies. Let us tell you that the US-based short seller firm Hindenburg Report last month accused him of stock market manipulation and accounting fraud. Where the group had categorically denied the allegations. At the same time, there has been a sharp decline in the prices of its shares and bonds.
