Photo: Shutterstock
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
5 PSU Insurers Have Rs 347-crore Exposure To Adani Firms: FinMin
Earlier this month, Finance Secretary TV Somanathan had termed the Adani issue a 'storm in a teacup'
Topics
Life Insurance Corporation | LIC | Adani Group
Five state-run general insurance companies have a total exposure of Rs 347.64 crore, or 0.14 per cent of their total assets under management (AUM), in Adani group of companies, the Finance Ministry said on Monday.
In a written reply to a question by Congress’ Manish Tewari, Minister of State for Finance Bhagwat Karad said Life Insurance Corp (LIC) held Rs 35,917.31 crore in debt and equity of Adani group of companies as on December 31, 2022. This is 0.97 per cent of its total assets under management (AUM) of Rs 41.66 trillion.
Karad also said that as per information received from state-owned general insurers, their exposure to Adani group of firms was even less.
The public sector general Insurance firms included New India Assurance Company, United India Insurance Company, National Insurance Company, Oriental Insurance Company, and General Insurance Corporation of India. When asked about the loans given to Adani firms by state-owned banks and financial institutions, Karad said neither the RBI nor any bank had to disclose credit information as such information is treated as confidential under the provisions of section 45E of the RBI Act.
Finance Minister Nirmala Sitharaman and ministry officials stated that the regulators were apprised of the Adani-Hindenburg row and were carrying out due diligence.
Earlier this month, Finance Secretary TV Somanathan had termed the Adani issue a ‘storm in a teacup’.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Mon, February 13 2023. 23:07 IST
RECENT NEWS
Monzo Looks For US Banking License
Monzo is preparing a renewed push to secure a US banking licence, four years after abandoning its first attempt when tal... Read more
Crypto Firms Push Into US Banking
America’s cryptocurrency companies are scrambling to secure a foothold in the country’s traditional banking system, ... Read more
Parallel Banking: Stablecoins Are Now Global
Parallel Banking: How Stablecoins Are Building a New Global Payments SystemStablecoins—digital currencies pegged to tr... Read more
JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity
JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more
Private Equity And Banks: The Complex Web Of Leverage
Private equity has emerged as a significant force in the global financial landscape, driving substantial growth and inve... Read more
Financial Watchdog Highlights Unresolved Vulnerabilities In Shadow Banking Sector
The world’s leading financial stability watchdog has issued a warning about the unresolved vulnerabilities within the ... Read more