Important news for LIC and SBI account holders. If you also have money deposited in LIC and SBI, then reading this news is very important for you. Actually a new update has come for LIC and SBI people. Let’s know in the news below…
There is such a buzz among the people that will their money deposited in LIC be drowned? The customers of the banks have also come under some tension regarding their deposits. He is worried that his bank may get ruined due to Adani Group. Adani’s shares plummeted after the Hindenburg Research Report.
After this, many people including the leaders of the opposition raised big questions on the Adani Group. This created a fear among people about their deposits. However, LIC has clarified that less than one per cent of its total investment is in Adani shares.
At the same time, the banks also denied any threat to the loans given to Adani. Let us know today that which Indian bank has given how much loan (Adani Group Debt) to Adani Group.
How much is LIC’s investment in Adani Group?
LIC, the country’s largest state-owned insurance company, has invested money (LIC Investment in Adani) in Adani Group companies. LIC has holdings of Rs 36,474.78 crore in debt and shares of Adani Group.
As of September 2022, LIC had an asset under management (AUM) of Rs 41.66 lakh crore. Out of this only 0.976 percent is invested in Adani Group. At the same time, 8 percent of the money that LIC has invested in the stock market is in Adani’s shares.
How much loan has SBI given to Adani?
Adani Group has taken 0.9 percent of the entire loan book of SBI. This is around Rs 27,000 crore. CreditSights of the Fitch Group had reported that the country’s largest lender has a reserve buffer of Rs 338 billion, or about 1 per cent of net loans.
Bank of Baroda-
Bank of Baroda MD Sanjeev Chadha told Reuters that the bank’s exposure to the group was less than a quarter of the limit granted by the RBI to the group. RBI does not allow loans to any one group to exceed 25 per cent of the bank’s available eligible capital base. Most of these loans have been given to companies with very strong cash flows.
IndusInd Bank-
The total loan book of IndusInd Bank is Rs 29 lakh crore. The bank has said that it has given 0.5 per cent of its loan book to Adani Group.
Axis Bank-
Axis Bank has lent 0.94 per cent of its net advances to Adani Group. The bank has given loans to Adani Group’s Ports, Transmission, Power, Gas Distribution, Roads and Airports businesses. The bank said that fund-based outstanding as a percentage of net advances is 0.29 per cent. While the non-fund based outstanding is 0.58 per cent.
Punjab National Bank-
Punjab National Bank has given a loan of about Rs 7,000 crore to the units of Adani Group. Of this, Rs 2,500 crore pertains to the airport business. It is part of the group’s flagship company Adani Enterprises.
Opposition is making this demand-
The opposition has stalled the functioning of the Parliament for the last two days on the Adani issue. The opposition is demanding an inquiry into the allegations against the group by a joint parliamentary commit
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