Nirmala Sitharaman on Adani crisis: ‘One instance not going to be…’

Nirmala Sitharaman on Adani crisis: Finance minister Nirmala Sitharaman in an interview with News18 on Friday said the word from the horse's mouth is that the SBI and the LIC have not been overexposed to Adani Group stocks.

Finance minister Nirmala Sitharaman on Friday reacted to the Adani crisis in an interview with News18 where she said India's financial sector is very well regulated and one instance, no matter how much it is talked globally, is not going to be indicative of how well Indian financial markets have been governed. Citing the statements of the SBI and the LIC, the finance minister said their exposure to Adani Group stocks is very well within the permitted limits and they are still over profit even with the valuation falling.

"I want to recall the words...coming from the horse's mouth has more credibility. Both SBI and LIC have issued detailed statements. And I know the chairperson or the CMD… he has himself come out and explained how they are not overexposed or whatever they said. And also said, look, we are sitting over profits for the exposure that we have which is well within the limit. That's what I understood. I read it through media," Nirmala Sitharaman said.

They have very clearly said their exposure is well within the permitted limit and they are sitting over profit even with the valuation falling, the finance minister said. "

Indian banking sector today is at a very comfortable level and their position is very sound, Sitharaman said adding that she made the statement with a sense of responsibility. NPAs coming down to a low and recovery is happening and the situation gets reflected when they go to raise money in the market.

Published on Feb 03, 2023 03:44 PM IST