The National Bank for Agriculture and Rural Development (Nabard) has given the clean chit to Reliance Commercial Finance Ltd (RCFL), the wholly-owned non-banking financial company of Reliance Capital, after an independent forensic audit report from Grant Thornton (GT) did not detect any fraud in the account.
Nabard is the second-largest lender to RCFL with exposure of over Rs 1,100 crore, and, with its nod, the sale of RCFL will be put on the fast track, said a banker. Last week, at a meeting of the consortium of lenders led by Bank of Baroda, Nabard said it had examined the GT ...
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