A week after Commonwealth Bank of Australia backed off from the $16bn Carmichael coal project in Australia, Standard Chartered also announced that it is cutting ties with the project being developed by Adani.

The future of the project is now is in question as an Australian court has overturned the approval for the project following lawsuit from environmental groups.

The environmental group claimed that the mining project posed threat to two rare species found only in Queensland.

Standard Chartered reportedly said in its annual general meeting earlier this year that it would consult with stakeholders before participating further in the Carmichael coal project.

Standard Chartered said: "As a result of this ongoing review by Standard Chartered and the delays experienced by Adani in receipt of its project approvals, both parties have agreed to end the bank’s role in the Carmichael project."

However, Australian Prime Minister Tony Abbott supported the project, which drew a lot of criticism.