It’s not just Bank of Baroda that’s in trouble on account of the Gupta brothers in South Africa. Bank of India , too, may face some heat after having lent Rand 38.5 million to two Gupta promoted companies, which have filed for insolvency. Speaking to ET, Dinabandhu Mohapatra, CEO of Bank of India, accepted that the bank has exposure to the two Gupta companies in South Africa.“We are adequately covered. “Our exposure in these two companies is about Rs 23 crore.” Bank of India advanced R 7 million to Confident Concepts and R 31.5 million to Islandsite Investments 180. The Guptas of Indian origin who settled in South Africa in the 1990s have promoted about 20 companies.Bank of Baroda also lent R 60 million to Confident Concepts.

Source: Economic Times March 08, 2018 01:40 UTC