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Karnataka Bank reports fraud of Rs 34.16Cr to RBI

Published: Feb 20, 2021

By TIOLCORPLAWS News Service

NEW DELHI, FEB 20, 2021: PRIVATE sector lender Karnataka Bank has reported fraud of Rs. 3416 crore in its credit facilities extended to the IL&FS Transportation Networks Ltd, it said in a regulatory filing on Friday.

"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 Rs. 34.16 crore (defaulted entity)," it said.

The lender said IL&FS Transportation had availed credit in 2016 from multiple banking arrangements in which Karnataka Bank was one of the members.

During 2018, the borrowing account was classified as non-performing asset and has been fully provided for, it added.

"As such, there is no impact on financials of the bank going forward," the bank said.

IL&FS Ltd, or Infrastructure Leasing and Finance Services, was a core infrastructure finance company that collapsed in late 2018 after it defaulted on its payment obligations of bank loans, including interests, term and short-term deposits and failed to meet the commercial paper redemption obligations. The group and its subsidiaries were sitting on a debt of around Rs. 91,000 crore at the time.

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