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Adani crisis: Reserve Bank of India says, “The banking sector is resilient and stable”

Vivid News 24: The Reserve Bank of India said on Friday that India’s banking sector is resilient and steady and that the central bank maintains ongoing supervision of the lenders in response to worries regarding banks’ exposure to the troubled Adani Group.

The Reserve Bank responded to media reports expressing alarm over the vulnerability of Indian banks to a “business conglomerate” by announcing that it regularly monitors the banking industry. The RBI, however, made no mention of the Adani Group.

According to the RBI’s current assessment, “The banking industry is still robust and steady. Numerous indicators of adequate capital, high-quality assets, liquidity, provision coverage, and profitability are positive.” “To promote financial stability, the RBI, as the regulator and supervisor, keeps a close eye on the banking industry and individual institutions.

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The Central Repository of Information on Large Credits (CRILC) database system, used by the RBI for monitoring, requires banks to declare their exposure of Rs 5 crore or above. The statement claims that the RBI is vigilant and keeps track of the health of the Indian banking sector.

Additionally, it claimed that banks followed the guidelines established by the RBI for the Large Exposure Framework (LEF). Following charges of high debt levels and usage of tax havens made by US short-seller Hindenburg Research, shares of Adani group companies have lost more than half of their market value or more than $100 billion collectively.

One of the richest individuals in the world and head of the ports-to-energy business, Gautam Adani, rejected the criticism and denied wrongdoing. Adani Group argued in a 413-page response that the Hindenburg study was motivated by “an ulterior objective” to “create a fictitious market” for the US business to profit.

A day after it was fully subscribed, Adani Enterprises Ltd. canceled its follow-on share offer for 20,000 crores. In light of the current market turbulence, Adani claimed that the company’s board thought that “moving on with the matter will not be morally correct.”

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Vivid News-24 Desk
Vivid News-24 Desk
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