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
Coutts Sets Scope On New Continent
Coutts steps into private marketsCoutts, the private bank best known for serving Britain’s wealthiest families and the... Read more
From Cypherpunk To Citadel
How Crypto Moved from the Wild West to the Mainstream Financial SystemA long-form analysis of Bitcoin's journey from fri... Read more
ACB Securities: Building Scale, Trust & Innovation
ACB Securities: Building Scale, Trust and Innovation in Vietnam’s Capital MarketsACB Securities (ACBS) is emerging as ... Read more
War Risk Returns To Markets As VIX Surges
For most of the past year, global markets behaved as though geopolitical risk had largely disappeared. Inflation was eas... Read more
Stablecoin The Future Of Currency?
The payments system is undergoing a quiet but consequential shift. What was once the exclusive preserve of central banks... Read more
BoE Loosens Capital Rules
The Bank of England has taken a significant step towards easing post-crisis regulation by lowering its estimate of the c... Read more