RBI must probe Rs 6,000 crore loan to Adani Group
From: Media Cell AAP <email@example.com> Tue, 18 Nov ’14 5:33p
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Aam Aadmi Party demands the immediate intervention of the banking sector regulator to scrutinise the improper memorandum of understanding between an Australian subsidiary company of the Adani Group and State Bank of India, which does not appear to be above board.
The Reserve Bank of India, should fulfill its role of the regulator and must question the MoU, since there is no justification for the largest public sector bank of the country to provide a Rs 6,000 crore loan, which is nothing but a sweet deal for the Adani Group.
Though details of the MoU continue to be a closely guarded secret, but can the finance ministry deny a fact that many global banks had refused to extend the credit facility for this venture due to environmental reasons ?
Can the ministry deny that the SBI has been pressurised to bail out the Adani Group in a difficult venture the returns of which are uncertain ?
Statements attributed to the Adani Group in the media are misleading, since this project has nothing to do with India’s energy needs.
If and when this company starts coal mining in distant future, will it not sell the coal in an open market at an international price ? Can the finance ministry deny this fact ?
The BJP’s central government needs to come clean on the entire issue, since the money which belongs to the people of the country cannot be used for bailing out corporates which have funded its election campaign.
AAP Media Cell