Earlier in the week Adani Australia CEO Jeyakumar Janakaraj said the State Bank of India funding was a “vote of faith” in the $16.5 billion Carmichael project in Queensland’s Galilee Basin.

That such financing was finalised was apparently news to India’s National and Bombay stock exchanges, both of which sought clarification from Adani.

“It comes as an Indian opposition party demanded the Reserve Bank of India intervene and question the ‘improper’ loan, which it says is unjustified and ‘does not appear to be above board’,” Fairfax media reported.

Responding to the regulatory scrutiny, Adani said everything was above board.

“The company has signed Memorandum of Understanding with State Bank of India wherein SBI has agreed in principle to consider extending financial assistance of an amount up to $USD1 billion for development of Carmichael coal mine,” the company said.

“This is, however, subject to SBI’s due diligence and internal credit approval and also pursuant to the definitive understanding/agreement to be executed between the parties.”