$84 BILLION RISK AT INDIAS TOP BANKS

In India State Bank of India, HDFC Bank, IndusInd Bank Ltd. And Axis Bank are reported climate risks to CDP in 2020, it said in its annual report released.

An increase of extreme weather event like as floods, droughts and cyclones risk souring debt worth more than 6.19 trillion at India’s biggest financial institutions.

The banks flagged exposure to environmentally sensitive business including coal, cement, oil, and power resources. The banks listed the effects of environmental issues like cyclones and floods on loan payments in farming and related sectors. Lenders accounted for 87% of the total risk, valued at about $97 Billion across 67 top Indian companies that responded to CDP. The Director of CDP Damandeep Singh said, the environmental issues such as cyclones, floods etc., change a harmful effect to the Bank sectors. Many of Lenders does not received loan repayment so the banks are in Risk.

The State Bank of India facing first highest risk. And accordingly HDFC Bank was flagged second highest risk. The estimation accordingly SBI gets 3.83 trillion and HDFC gets 1.79 trillion rupees.

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