Aam Aadmi Party questions MoU between Adani Group and State Bank of India

NEW DELHI: Training its guns on the Adani group, the Aam Aadmi Party today demanded immediate intervention of banking sector regulator to scrutinise the MoU signed between ther Adani Group and the State Bank of India.

The party said the Reserve Bank of India should step in and question the MoU since there is no justification for the largest public sector bank to provide Rs 6000 crore loan.

"The banking sector regulator should scrutinise 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 Reserve Bank of India, 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," the party said in a statement.

"Though details of the MoU continues to be a closely guarded secret, 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 ?" the party asked.

"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 ?

"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 party said.