Karnataka Bank reports ₹34 crore fraud to Reserve Bank of India

Karnataka Bank reports ₹34 crore fraud to Reserve Bank of India

Karnataka Bank has said that it has reported to the RBI a fraud of about ₹34.16 crore in credit facilities extended to IL&FS Transportation Networks. The private lender added that IL&FS Transportation had availed credit from it during 2016. The borrowing account was classified as a non-performing asset during 2018 and it “has been fully provided for”, the bank said.

News source : ANI

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