You are here: Home » News-CM » Companies » News
Business Standard

Karnataka Bank reports fraud of Rs 107.99 cr in facilities extended to Sintex Industries

Capital Market 

Karnataka Bank has reported to the Reserve Bank of India a fraud amounting to Rs 107.99 crore in the credit facilities extended earlier to Sintex Industries, on account of diversion of funds.

During August 2019, the borrowing account was classified as a Non-Performing Asset and has been fully provided for and as such, no impact on the financials of the Bank going forward

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, October 10 2020. 10:43 IST