Karnataka Bank declares loan over Rs 160 crore to Reliance Home, Reliance Commercial as fraud
PTI, Jun 20, 2021, 11:17 AM IST
Private sector Karnataka Bank has declared accounts of Reliance Home Finance and Reliance Commercial Finance a fraud with combined loan outstandings of over Rs 160 crore to the lender.
The bank has reported to the Reserve Bank regarding frauds in the credit facilities extended earlier to two listed companies — Reliance Home Finance with loan outstanding of Rs 21.94 crore and Reliance Commercial Finance Rs 138.41 crore as fraud, Karnataka Bank said in a regulatory filing.
The lender said it has been dealing with Reliance Home Finance since 2015 and with Reliance Commercial Finance since 2014.
With regard to loan to Reliance Home Finance, as many as 24 lenders were part of a multiple banking arrangement, while in case of Reliance Commercial Finance as many as 22 lenders were part of the loan arrangement.
Karnataka Bank said its share in the multiple banking arrangement to Reliance Home Finance is 0.39 per cent and to that of Reliance Commercial Finance is 1.98 per cent.
The lender said it has made provision up to 100 per cent in both the cases against the loan given to the companies.
“Both the accounts were classified as NPA (non-performing assets) and have been fully provided for. As such, there is no impact on the financials of the bank going forward,” Karnataka Bank said.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Elon Musk in Beijing amid efforts to promote Tesla’s autonomous driving tech
Corporate earnings, US Fed interest rate decision to drive markets in holiday-shortened week: Analysts
Pune court asks police to probe bribery allegations against IT major Cognizant
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved’s non-food business
Nifty, Sensex rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
MUST WATCH
Latest Additions
Some countries, institutions want weak govt to make easy profits: PM Modi
People can talk anything they want to, I know my game better: Virat Kohli on his strike rate
Sexual harassment, stalking case registered against ex-minister H D Revanna and his son Prajwal
Reservation row: Congress campaign ‘biggest lie’ of the decade, says Kishan Reddy
BJP trying religious polarisation in Nagaon: Congress candidate Pradyut Bordoloi