The lobby objected to the Indian mining giant's $16.5 bn Carmichael project.
The mine got the sign-off from Environment Minister Greg Hunt in October after the company cleared concerns about two rare outback species
The Queensland Government has declared the rail corridor as a Strategic Development Area, the statement said.
SBI blamed poor coal prices for the decision to turn down the loan request.
The statement came a day after cricket legends Ian and Greg Chappell and few other prominent Australians urged Adani Group chairman Gautam Adani to abandon the mine project
Media reports said the decision was mutual.
The $16.5 billion Carmichael coal mine project when completed would be one of the world's largest.
However, Adani Australia has clarified on its Facebook page on Monday that in terms of quality of the coal it is almost 50 per cent better than that used domestically.
90 prominent Australians warn Indian energy giant Adani that its controversial coal mine project in Queensland could damage bilateral ties and even affect sporting links.
Conservation group Coast and Country said that it has filed an appeal to the Supreme Court of Queensland for a judicial review.
The Adani group had applied for the Northern Australia Infrastructure Facility loan for building the 388-km rail line to connect the Carmichael coal mine to the sea port.
The key hurdle Adani needs to clear to secure loans for the Carmichael mine, rail and port project is dredging approval to expand its Abbot Point port.
Adani's plan to build one of the world's biggest coal mines in Australia has been hampered time and again
'There is a trade in goods, a lot of tariff.'
The challenge was launched by Mackay Conservation Group in January.
Sources said Adani had not been able to tie up any financing for the coal project
"I am proud to announce the project has Final Investment Decision (FID) approval which marks the official start of one of the largest single Infrastructure -- and job creating -- developments in Australia's recent history," Gautam Adani said.
Adani Mining is building a 300-km rail line for its about $16 billion Carmichael coal mine project in Australia.
Adani's plan to build one of the world's biggest coal mines has been hampered time and again.
Adani has argued that the Carmichael mine, together with its other projects in Queensland.
Adani Enterprises recently also inked a pact to buy out Linc Energy's royalty rights from the Carmichael coal project for AUD155 million.
Reports said that Adani took legal action to override the W&J people.
Australia's green political party on Wednesday warned the government for approving India's Adani group's plan to expand a major coal port on the fragile Great Barrier Reef coast, saying it will hasten the death of the natural wonder, a World Heritage site.
Adani's $15-billion Carmichael coal mine is stuck since 2010.
Was Adani able to clinch this loan merely as a result of his proximity to Prime Minister Narendra Modi?
Acquisition of stressed infrastructure assets has pushed its debt to over Rs 1 lakh crore, highlighting concerns about its growth strategy.
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