Govt-owned banks sacrifice 74% of defaulted loans of ten firms for Adani: Congress

The Congress party has accused government-owned banks of favouring the Adani Group by waiving 74 per cent of defaulted loan amounts, a cumulative sum of around Rs 62,000 crore, from ten financially ailing companies after they were taken over by the Adani Group.

Citing data from the All India Bank Employees Association (AIBEA), Congress general secretary Jairam Ramesh indicated that banks originally owed Rs. 62,000 crore from these companies and settled for only Rs. 16,000 crore post-acquisition.

“The All India Bank Employees Association has revealed, through publicly available data, how public sector banks that had claims of about Rs 62,000 crores from 10 financially stressed companies have been made to settle for just Rs 16,000 crores after the non-biological PM’s favourite business group took over these 10 companies. In the colourful language of finance, this is a 74% ‘haircut’ taken by the banks,” Ramesh posted on X.

This revelation has intensified Congress's criticism of the BJP-led NDA government, with the party calling for a Joint Parliamentary Committee (JPC) investigation into the allegations raised by Hindenburg Research against the Adani Group.

The Congress has consistently challenged the government's handling of the situation, highlighting perceived improprieties in the financial sector and questioning the integrity of corporate governance.

The Opposition has long claimed that the Adani Group is involved in financial irregularities and has accused the Bharatiya Janata Party government of granting undue favour to the conglomerate led by Gautam Adani.