Karnataka Bank reports ₹34.16-cr. fraud to RBI

Karnataka Bank reports ₹34.16-cr. fraud to RBI

The Hindu

Private sector lender Karnataka Bank on Friday said it has reported to the RBI a fraud of about ₹34.16 crore in credit facilities extended to IL&FS Transportation Networks, which is a dud account now. “The bank has reported to RBI [Reserve Bank of India] a fraud in the credit facilities extended earlier to IL&FS Transportation Networks Ltd. with an outstanding balance of ₹34.16 crore (defaulted entity),” Karnataka Bank said in a regulatory filing.
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