Rbi asks indian banks for details of exposure to adani group companies: report

GUWAHATI: The Reserve Bank of India (RBI) has reportedly asked Indian banks for details of their exposure to the Adani Group’s companies. This comes after US short-seller Hindenburg Research

alleged that Adani Group is involved in stock manipulation and accounting fraud. Ready for a challenge? Click here to take our quiz and show off your knowledge! CNBC-TV18 reported that the

RBI sought this information as part of a new SoP to address “new developments that may have taken place.” ALSO READ: Assault on employee: Clamour for action against Assam IAS officer Varnali

Deka gets louder   The ‘new developments’ refer to the fallout of the allegations, where companies of the Adani conglomerate have lost billions. Furthermore, Adani had planned a Rs 20,000

crore (US $2.5 billion) share offering but cancelled it a day ago. Ready for a challenge? Click here to take our quiz and show off your knowledge! The reports stated that it is standard

practice for the RBI to seek information in such cases, as central databases may not have the latest information, especially on pledged shares. ALSO READ: Adani loses Asia’s richest person

title, drops to 15 on world list The Central Repository of Information on Large Credits (CRILC) collects, stores, and publishes data on all borrowers’ credit exposures, but only updates

“some data weekly and some, monthly.” Meanwhile, Securities and Exchange Board of India (SEBI) is undertaking a full-scale examination of the fall in shares. Citigroup Inc.’s wealth arm and

Credit Suisse Group AG have also stopped accepting securities of Adani Group firms as collateral for margin loans.