The targeted campaign against the Indian conglomerate Adani Group continues, with the recent development of the United States District Court for the Eastern District of New York framing charges against the group in a bribery case. On social media platform X, various theories are circulating, one of the most prominent being concerns over the Adani Group’s significant borrowing from Indian banks, which some claim exposes these banks to considerable risk. Posts on social media allege that the Adani Group has outstanding loans of ₹39.2 lakh crore from the State Bank of India, ₹10.6 lakh crore from Punjab National Bank, ₹11.4 lakh crore from Bank of Baroda, and more.
Wings of Nature claimed, ‘From one of my trusted financial advisor: Adani group loan exposure – A breakdown . Nuvama Research provided detailed estimates of banks’ exposure to the Adani Group as of September 2024: State Bank of India (SBI): Rs 39.2 lakh crore. Bank of Baroda: Rs 11.4 lakh crore, Punjab National Bank (PNB): Rs 10.6 lakh crore Canara Bank: Rs 10.12 lakh crore. Investors need to closely track these banks if they own these banks in portfolio.. On top of these we also see huge investment by PSUs like LIC on Adani stocks and facing the heat now.
IPO Investor Academy stated, ‘’Adani group loan exposure – A breakdown . Nuvama Research provided detailed estimates of banks’ exposure to the Adani Group as of September 2024: State Bank of India (SBI): Rs 39.2 lakh crore. Bank of Baroda: Rs 11.4 lakh crore. Punjab National Bank (PNB): Rs 10.6 lakh crore. Canara Bank: Rs 10.12 lakh crore’
In addition, individuals such as Raj, Investment Zone, IM Back, Gautam Banerjee, and Rahgir also shared these claims.
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We began our fact-checking process by performing a basic Google search to verify the claim circulating on social media. During this search, we found an article published by Moneycontrol on November 21, 2024. According to the article, India’s largest lender, SBI, had an outstanding exposure of ₹27,000 crore to Adani Group companies as of December 2022. Punjab National Bank (PNB) and Bank of Baroda (BoB) had exposures of ₹3,300 crore and ₹5,300 crore, respectively.
Additionally, Moneycontrol shared an infographic summarizing key details:
1. State Bank of India (SBI): Loaned ₹27,000 crore to the Adani Group. Total loans issued to all borrowers: ₹39.2 lakh crore.
2. Punjab National Bank (PNB): Loaned ₹3,300 crore to the Adani Group. Total loans issued: ₹10.6 lakh crore.
3. Bank of Baroda (BoB): Loaned ₹5,300 crore to the Adani Group. Total loans issued: ₹11.4 lakh crore.
4.IndusInd Bank: Loaned ₹4,200 crore to the Adani Group. Total loans issued: ₹3.5 lakh crore.
5. IDFC First Bank: Loaned ₹870 crore to the Adani Group. Total loans issued: ₹2.1 lakh crore.
6. Axis Bank: Loaned ₹7,160 crore to the Adani Group. Total loans issued: ₹10 lakh crore.
7. Power Finance Corporation (PFC): Loaned ₹8,300 crore to the Adani Group. Total loans issued: ₹4.8 lakh crore.
8. Rural Electrification Corporation (REC): Loaned ₹7,000 crore to the Adani Group. Total loans issued: ₹5.3 lakh crore.
9. Canara Bank, Union Bank, and ICICI Bank: Did not disclose specific loans to the Adani Group. Their total loans issued to all borrowers stand at ₹10.12 lakh crore, ₹10.57 lakh crore, and ₹12.7 lakh crore, respectively.
Outstanding Exposure: This refers to the amount of money currently at risk with a specific borrower or group, such as the Adani Group. It highlights the bank’s financial commitment and risk with that borrower.
Example: If Bank A lends ₹10,000 crore to Company X and ₹20,000 crore to other entities, its exposure to Company X is ₹10,000 crore.
Total Loans Issued: This is the total amount of money a bank has lent to all borrowers combined. It represents the size of the bank’s overall lending operations.
Example: If Bank A has issued ₹50,000 crore in loans across all borrowers, that is the total loans issued.
The claim on social media that banks like SBI (₹39.2 lakh crore), BoB (₹11.4 lakh crore), and PNB (₹10.6 lakh crore) issued these amounts solely to the Adani Group is false. In reality, these figures represent the total loans issued by these banks to all borrowers. The actual loans provided to the Adani Group are much smaller: SBI’s exposure is ₹27,000 crore, PNB’s is ₹3,300 crore, and BoB’s is ₹5,300 crore.
This highlights that while these banks have exposure to the Adani Group, it constitutes only a small percentage of their overall lending portfolio. For example, SBI’s exposure to the Adani Group is approximately 0.7% of its total loan book of ₹39.2 lakh crore.
| Claim | Indian banks like SBI, PNB, and BoB have loaned massive amounts (e.g., ₹39.2 lakh crore for SBI) exclusively to the Adani Group. |
| Claimed by | Social media users |
| Fact: Check | These figures represent the total loans issued to all borrowers by the banks, not just the Adani Group. |
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