"Indian steel-affected communities launch complaint against Australian and Japanese banks", 2 May 2025

New complaint alleges banks failed to uphold human rights standards by lending to JSW Steel in India

Today, Anti-Jindal & Anti-POSCO Movement (JPPSS) filed a human rights complaint against Australian bank ANZ, and Japanese banks Sumitomo Mitsui Banking Corporation (SMBC), Mizuho, and Mitsubishi UFJ Financial Group (MUFG) with support from BankTrack. (1) The complaint alleges that by financing Indian steel major JSW Steel, the banks are linked to numerous human rights violations stemming from the company’s JSW Utkal steel and coal project. (2)

Community members from the Anti-POSCO Anti-Jindal Movement are demanding that the banks publicly refuse to finance the project. They have also called on the banks to not provide further finance to JSW Steel until an independent investigation and remedy process has been concluded for all affected villagers.

In the period between 2019-2024, the banks have participated in several loans to JSW Steel. (3)

During that same period, the company has taken land without consent from Indigenous residents, destroyed local livelihoods, and cooperated with the state to criminalise local opposition to the project, say the complainants. (4)

Peaceful demonstrators have faced excessive force by police, arbitrary arrest, ill-treatment in custody, and restriction on freedom of movement in their villages. Communities are also concerned that if built, the project would further strain the environment of a region that is already deemed as one of the most polluted areas in India.

All four banks have policies in place committing them to act in line with international human rights standards, including a direct commitment to the principle of ‘free, prior and informed consent’. (5) BankTrack has previously sent letters to the banks requesting to engage on the JSW Utkal Steel project, but received inadequate responses. (6)

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