Money & Banking

BoB admits to ₹147-cr exposure to Gupta-run firms in South Africa

Our Bureau Mumbai | Updated on March 08, 2018 Published on March 08, 2018

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Bank of Baroda on Thursday said it has credit exposure equivalent to ₹147 crore in four accounts of the South Africa-based Sahara Group, which is run by the politically influential Gupta family.

An investigation by the Organised Crime and Corruption Reporting Project and The Hindu has found that the public sector bank had played a crucial role in allowing the Gupta family to move hundreds of millions of dollars linked to alleged dirty deals into offshore accounts, .

Bank of Baroda (BoB), in a stock exchange notice, said two of the group borrowers are under ‘Business Rescue Operations’ and the bank is adequately secured and confident of the recovery of its dues.

In the accounts not covered by Business Rescue, BoB said the borrowers have proposed a plan for the full repayment of the bank’s dues.

The bank said it will make adequate provisions as required by the regulators on the reclassification of accounts. The bank’s provision-coverage ratio, including technical write-off, is 68.03 per cent.

Published on March 08, 2018
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