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Andhra Bank Exposure to Sterling Group at Rs 578 Crore

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Andhra Bank has classified Sterling Group companies as non-performing in March 2015 and reported the matter to the RBI, and subsequently a case has also been lodged with the CBI.

The bank said it was the lead bank of the consortium in case of two group companies of Sterling Group and the exposure to these companies is Rs 578.57 core (fund based) and Rs 568.35 crore (non-fund based) as on date and not as Rs 5,000 crore appeared in media reports.

The bank was responding to a clarification sought by stock exchanges in a news article about loans to Sterling group. On report that the Enforcement Directorate has filed charges against a bank executive, the bank clarified that “Anup Prakash Garg was the chartered accountant director nominated by the government under Banking Acquisition and Transfer of Undertaking Act and held office from October 13, 2006 to October 12, 2009”.

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