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
Air India Express increases flight operations from northeast destinations
Mcap of 8 of top-10 most-valued domestic firms jumps Rs 1.55 lakh cr; HDFC Bank, TCS sparkle
Myntra pilots foray into quick commerce with ‘M-Now’ in select locations of Bengaluru
Never entered into pact to operate airport in Kenya: Adani
None of Adani portfolio cos subject to any legal case: Group CFO on promoter indictment in US
MUST WATCH
Latest Additions
Vijayapura: One-year-old child abducted from district hosp
‘Mrs’ a beautiful blend of my two passions acting and dancing: Sanya Malhotra
India reach 359-5 at tea against Australia on day 3 of opening Test
Constitutional duty of Jharkhand govt to identify, deport infiltrators: Himanta
Kerala bypolls results: People reject anti-incumbency wave campaign by political opponents, says CPI
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.