Extreme Weather Puts Debt Worth $84 Billion At Risk at India's Top Banks

Wednesday, 3 March 2021Newsdesk

An increase in extreme weather events such as floods, droughts and cyclones risk souring debt worth more than 6.19 trillion rupees ($84 billion) at India's biggest financial institutions.

New Delhi, 03 March 2021

As per news report of NDTV, that's according to leading nonprofit environmental disclosure platform CDP. State Bank of India, the country's largest lender, HDFC Bank, IndusInd Bank Ltd. and Axis Bank Ltd. are among the institutions that reported climate risks to CDP in 2020, it said in its annual report released Wednesday. The banks flagged exposure to environmentally sensitive businesses including cement, coal, oil and power. They also listed the effects of cyclones and floods on loan repayments in farming and related sectors. Lenders accounted for 87 per cent of the total risk, valued at about $97 billion, across 67 top Indian companies that responded to CDP.

Source - NDTV