RBI must probe 6,000 crore loan to Adani Group, money belongs to people

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PM Modi with Gautam Adani , head of Adani Group in Australia.

 By MM Special Correspondent,

 New Delhi, 18 Nov 2014: The Reserve Bank of India (RBI) must probe Rs 6,000 crore loan to Adani Group which has been known as one of the main backers to the present Prime Minister.  Aam Aadmi Party on Tuesday urged the RBI to immediately intervene into the matter as money belongs to the people of the country cannot be used for bailing out corporates which have funded BJP’s election campaign.

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 The party said being the banking sector regulator it is the responsibility of the RBI to scrutinize the improper memorandum of understanding between an Australian subsidiary company of the Adani Group and State Bank of India, which does not appear to be above board.

 The party said RBI should fulfill its role of the regulator and must question the MoU, since there is no justification for the largest public sector bank of the country to provide a Rs 6,000 crore loan, which is nothing but a sweet deal for the Adani Group.

Though details of the MoU continue to be a closely guarded secret, but can the finance ministry deny a fact that many global banks had refused to extend the credit facility for this venture due to environmental reasons?

Can the ministry deny that the SBI has been pressurised to bail out the Adani Group in a difficult venture the returns of which are uncertain?, it posed question to the finance ministry.

 APP said statements attributed to the Adani Group in the media are misleading, since this project has nothing to do with India’s energy needs.If and when this company starts coal mining in distant future, will it not sell the coal in an open market at an international price? Can the finance ministry deny this fact?

The BJP’s central government needs to come clean on the entire issue, since the money which belongs to the people of the country cannot be used for bailing out corporates which have funded its election campaign.

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