“Risks for banks can increase if Adani becomes more reliant on bank loans.”
However, the group’s access to funding from international markets can be curtailed because of heightened risk perception.
“Yet the overall quality of Indian banks’ corporate loans will be stable,” it said.
“Corporates in general have deleveraged in the past few years. This is reflected in modest growth in their corporate loan books. Further, banks’ underwriting has been conservative.”