RBI says Indian banks resilient, stable against Adani group companies' debts

The Reserve Bank of India (RBI) on Friday said India's banking sector remains resilient and stable after media reports expressed concern about the exposures of Indian banks to Adani Group.

Adani Group's listed companies lost over $100 billion in value in just over a week after short-seller Hindenburg Research's scathing report flagged concerns about the ports-to-energy conglomerate's debt levels and alleged stock manipulation, accounting fraud and the use of tax havens.

Noting that media reports have been expressing concerns about the exposures of Indian banks to a business conglomerate, the central bank said as the regulator and supervisor, the RBI maintains a constant vigil on the banking sector and on individual banks with a view to maintain financial stability.