A claim is being shared that the State of India (SBI) has waived ₹12,770 crore loan for Enterprises concerning the Navi Mumbai International Project (NMIAL).
An archive of the post can be found .
(Archives of similar claims can be found here and here.)
Is the claim true?: No, the claim is false.
The loan sanctioned by the SBI has been underwritten and not waived off for Adani Enterprises. The two hold different meanings.
Waived off means forgoing the repayment of a loan whereas, underwriting is a lender's evaluation of a borrower's financial status, considering factors like credit history, income, assets, liabilities, and default probability.
What we found: At first, we ran a keyword search and found several news reports from 2022 where SBI and Adani were in the news about a loan for the development of the Navi Mumbai airport.
A report by from 2022 noted the Adani Group has concluded financing of the Navi Mumbai airport as the SBI underwrote the entire debt requirement of ₹12,770 crore for the project. (sic.)
Here is the preview of the report by NDTV Profit.
Similarly, reported on the deal and noted that the public bank had 'unwritten,' the requirement for the airport project.
Difference between Underwritten and Waive: Underwriting indicates that the bank will assure the loan of ₹12,770 crore to Adani.
A loan waiver means when the individual or group who borrowed the money is unable to repay the loan amount. In situations like this, the relevant authorities may grant those borrowers a loan forgiveness. However, this is also done after performing comprehensive research into the causes of the inability to repay the loan.
Likewise, in this, if the SBI granted a waiver, it would be responsible if Adani firms do not repay this loan for the project.
None of the news reports mention that the loan was 'waived.'
Conclusion: A false claim was being shared that the Adani group's loan for the Navi Mumbai airport has been 'waived' by the SBI.
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