Country’s largest bank SBI pulls its hands off lending to Adani Group, screws over disputed coal mine

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The country’s largest bank SBI has pulled back its hands to give loans to the Adani Group to the disputed coal mine. SBI is confused due to opposition from investors, environmentalists and blackrock inc etc. According to Bloomberg’s report, the executive committee of the bank will take the final decision in this regard. However, this year it has not yet discussed about lending to the Adani Group. In such a situation, it is being speculated that this project of Adani Group may hang in the balance.

According to Bloomberg, two senior officials of State Bank of India, on the condition of anonymity, told that the bank is dragging its feet on the expansion of funding of more than $ 1 billion to Adani Enterprises Limited. The executive committee of the bank has not yet taken any final decision in this regard.

Let us know that the Carmichael mine of the Adani Group was proposed in the year 2010. Since then, it had become the center of people’s opposition. SBI shareholders have also joined the opposition. Blackrock and Norway’s storebrand ASA raised objections to the case last year. Subsequently, Amundi SA divested its stake in SBI’s Green Bond, as they too were not happy with SBI’s Adani Group’s involvement in the Carmichael mine.

Bank officials said that SBI chairman Dinesh Kumar Khara, who took office in October, refused to give money to Adani to oppose the Australian project. However, no decision has been made regarding granting the loan.

About this, Adani had said in a statement earlier that the construction of the Carmichael mine is going well and we are on track to export coal in 2021. The mine and rail projects are fully funded.

Also read: 7th Pay Commission: Good news for Govt. employees! DA will get full benefit from July 1

If you are applying for a loan, then take care of these 5 things, the application will never be rejected

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Bhagyashree Soni
Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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