No, SBI did not waive off Rs 12,770 crore loan given to Adani Group

On October 26, 2022, Congress Youth Secretary, Roshni Kushal Jaiswal, claimed in a tweet that Adani’s Mumbai airport loan of 12,770 crore has been waived off by SBI. Lets verify it

Fact Check

Lets first understand the difference between waive off and underwritten loan:

Waive off: The borrower is not required to repay the outstanding loan amount. The individual is no longer responsible for repaying the loan amount. It entails the lender’s complete cancellation of loan recovery. The bank will not pursue legal action against the borrower. The loan is terminated.

Underwritten: Underwriting a loan refers to the process through which a lender determines whether an applicant is trustworthy and should be granted a loan. As a result, an efficient underwriting and loan approval procedure is a critical criterion for issuing a loan.

In our research, using the keyword search “SBI waived off Adani Mumbai airport’s 12,770 crore loan“, we came across a report by Business Standard dated March 2022, which stated that the Adani Group received Rs 12,770 crore loan from SBI and completed its funding for the first phase of Navi Mumbai International Airport project.

The group had announced the signing of finance contracts. The entire debt of Rs 12,770 crore for the airport project has been underwritten by SBI.

SBI did not waive off Rs 12,770 crore loan issued to Adani Group, rather the loan has been underwritten, which means that when providing the loan amount of Rs 12,770, SBI examined Adani Group’s creditworthiness. It is done to minimize unnecessary risks that may come if the initiative is deemed a failure.

Roshni Kushal Jaiswal, Congress Youth Secretary, made a false claim. This is not the first time a member of Congress has made a false claim. In the past, several Congress leaders and supporters have made similar misleading claims. They don’t seem to comprehend the distinction between waiving off, writing off, and underwriting a loan.

Claim	SBI waived off Rs 12,770 crore loan given to Adani Group
Claimed by	Roshni Kushal Jaiswal
Fact Check	False

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