The Congress on Tuesday slammed the SBI's reported decision to convert its outstanding debt into equity in Supreme Infrastructure India Limited (SIIL), urging the Reserve Bank of India to step in and examine SBI's decision-making process in this matter. Congress general secretary in-charge communications Jairam Ramesh shared on X a media report which claimed that the State Bank of India (SBI) will take a dual role in the debt restructuring of defaulter SIIL with the country's largest public sector bank transitioning from being SIIL's primary creditor to becoming an equity stakeholder. "In an extraordinary move, the SBI has decided to convert its outstanding debt into equity in Supreme Infrastructure India Limited (SIIL), a firm that declared bankruptcy. The lendors, including SBI, took a 93.45% haircut on the debt," Ramesh said on X. "This arrangement creates a dangerous precedent in India's corporate debt landscape - it encourages other defaulting companies to seek similar deals, . Read The Rest at :