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Karnataka Bank reports ₹34.16-cr. fraud to RBI

Loan given to IL&FS Transportation

February 20, 2021 12:58 am | Updated 12:58 am IST - NEW DELHI

PTI
BENGALURU - KARNATAKA - 13/07/2020 : People waiting outside Karnataka bank, after Karnataka has announced a complete lockdown, enforced in Bengaluru Urban and Rural districts from 8 pm on July 14 to 5 am on July 23, due to the huge surge in coronaviruses (COVID - 19) cases, in Bengaluru on July 13, 2020, to preventation of spreading Covid-19 Pandemic, also due to the job losses. Photo: K Murali Kumar / THE HINDU

BENGALURU - KARNATAKA - 13/07/2020 : People waiting outside Karnataka bank, after Karnataka has announced a complete lockdown, enforced in Bengaluru Urban and Rural districts from 8 pm on July 14 to 5 am on July 23, due to the huge surge in coronaviruses (COVID - 19) cases, in Bengaluru on July 13, 2020, to preventation of spreading Covid-19 Pandemic, also due to the job losses. Photo: K Murali Kumar / 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.

The lender said IL&FS Transportation had availed credit from it during 2016 under a multiple banking arrangement 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.

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