The Reserve Bank of India (RBI) is keeping a close eye on loans to the Adani group, with regulatory officials directing lenders to provide weekly updates on their financial exposure to the group’s enterprises, a person aware of the development said. Last month, RBI asked banks to share data on exposure to the Adani group after US-based short seller Hindenburg Research alleged accounting fraud and stock manipulation at its companies. While the conglomerate has strongly denied the allegations, the group has shed more than $120 billion in market value since the allegations were made on 24 January. View Full Image Graphic: Mint Share Via “Our senior supervisory manager has asked us to submit weekly updates on loans to Adani companies. This is over and above the monthly data on all large loans submitted to the Central Repository of Information on Large Credits (Crilc) database," the person cited above said, requesting anonymity. Depending on the size of the bank, deputy general managers or general managers at RBI act as senior supervisory managers for lenders. In April 2014, RBI set up the Crilc database to collect, store and disseminate data about large credit accounts to lenders. It hosts credit information of those with loans above ₹ 5 crore, as reported by lenders. The person said RBI officials are seeking the data because they want to monitor banks’ exposures continuously and do not want to be caught off-guard if there are any changes in repayment behaviour. RBI does not typically monitor specific accounts, making the decision unusual, the person noted, adding that all loans to the group are being repaid regularly. A second banker said the Crilc database does not have details on loans banks give to companies through lenders’ branches overseas. That, he said, is why RBI asks banks to send consolidated data on exposures to a specific company or a group whenever there are concerns about the impact of those loans on the health of the banking sector and financial stability. “At present, banks submit only domestic exposures on the Crilc portal, and overseas exposures are not part of the reporting requirement on the database," said the second person cited above, a chief financial officer at a bank. On 3 February, RBI assuaged concerns about the impact of market volatility on shares of the Adani group on banks. “RBI has a Crilc database system where the banks report their exposure of ₹ 5 crore and above, which is used for monitoring purposes," it said. Emails sent to spokespeople for RBI and State Bank of India (SBI), the largest domestic lender to the Adani group, remained unanswered till press time. A spokesperson for the Adani group said in an emailed response that it does not comment on speculation. According to a report by brokerage CLSA, the banking sector accounts for about 40% of Adani Group’s total debt. Private banks hold less than 10% of the group’s total debt, while government-controlled banks account for 30%. State Bank of India has the highest exposure, at ₹ 27,000 crore, followed by Punjab National Bank at ₹ 7,000 crore, Bank of Baroda at ₹ 5,380 crore, and Axis Bank at ₹ 7,164 crore, according to official disclosures and management statements. MINT PREMIUM See All Premium Can Meesho’s audacious dream come true? Premium Frost bite for ice cream lovers as milk prices soar Premium Fabindia pulls IPO Premium What MSCI's index tweaks mean for India Analysts said that although the group is unlikely to face repayment challenges soon, maturity and refinance of loans taken overseas would need to be monitored closely. Mint reported on 15 February that the group has repayment obligations worth more than $2 billion coming up between January 2023 and March 2024, citing a note released by the group. ABOUT THE AUTHOR Shayan Ghosh Shayan Ghosh is a national writer at Mint reporting on traditional banks and shadow banks. He has over a decade of experience in financial journalism. Based in Mint’s Mumbai bureau since 2018, he tracks interest rate movements and its impact on companies and the broader economy. His interests also include the distressed debt market, especially as India’s bankruptcy law attempts recoveries of billions worth of toxic assets. Read more from this author Catch all the Industry News , Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates . More Less.