PSBs settled Rs 62,000 crore claims from 10 firms for Rs 16,000 crore after Adani takeover: Congress

Government-owned banks that had claims of nearly Rs 62,000 crore from 10 financially-stressed companies were made to settle them for Rs 16,000 crore after the Adani Group purchased these firms, the Congress claimed on Wednesday citing data from the All India Bank Employees Association.

“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 [Prime Minister Narendra Modi’s] favourite business group took over these 10 companies,” Congress leader Jairam Ramesh said on social media.

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… pic.twitter.com/OIMtQmPrQS— Jairam Ramesh (@Jairam_Ramesh) September 4, 2024

Ramesh added: “In the colourful language of finance, this is a 74% ‘haircut’ taken by the banks.”

A haircut refers to the difference between the total amount that a borrower owes and the amount he or she finally pays to settle with the bank.

The data shared by the Congress showed the haircuts ranging from 42% to 96% in the 10 entities.

While the data...

Read more