Karnataka Bank reports โ‚น34.16-cr. fraud to RBI

Private sector lender Karnataka Bank on Friday said it has reported to the RBI a fraud of about โ‚น34.16 crore in credit facilities extended to IL&FS Transportation Networks, which is a dud account now.

โ€œThe 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 โ‚น34.16 crore (defaulted entity),โ€ 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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