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Karnataka Bank reports Rs 34.16-crore fraud to RBI

·1-min read

New Delhi, Feb 19 (PTI) Private sector lender Karnataka Bank on Friday said it has reported to the RBI a fraud of about Rs 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 Rs 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 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.

Karnataka Bank stock closed 0.72 per cent down at Rs 69.40 apiece on BSE. PTI KPM HRS hrs