The lender also said its exposure to Adani Group is primarily to the operating companies in the ports, transmission, power, gas distribution, roads, airports, etc. It also added that the non-fund-based facilities are primarily in the form of letters of credit and performance bank guarantees that are majorly short tenor.
Amid the unprecedented crisis for the Adani group, Bank of Baroda MD and CEO Sanjiv Chadha has said that his bank will continue to lend Adani group, Moneycontrol has reported.
Axis Bank on Saturday clarified that the lender remains comfortable with its exposure to the Adani Group. In a statement shared with exchanges, the lender wrote, “We extend credit, basis comfort on cash flow, security, and repayment capability of obligors as per the Bank’s credit assessment framework. We remain comfortable with our exposure to Adani Group basis the same.”
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The lender also said its exposure to Adani Group is primarily to the operating companies in the ports, transmission, power, gas distribution, roads, airports, etc. It also added that the non-fund-based facilities are primarily in the form of letters of credit and performance bank guarantees that are majorly short tenor.
In addition, the lender said the bank’s fund based and non-fund-based outstanding towards the Group’s joint ventures is at 0.02 per cent and 0.25 per cent, respectively of the Bank’s net advances.
Further, the lender said, “We (the bank) would like to highlight that the Bank has a resilient balance sheet with standard asset coverage of 1.53 per cent as of December 31, 2022.” Reported news agency ANI.
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