Karnataka Bank reports fraud to RBI

Karnataka Bank has reported to RBI a fraud in the credit facilities extended earlier to IL & FS Transportation Networks with an outstanding balance of Rs 34.16 crore (Defaulted entity).

The above entity had availed credit facilities from the Bank during 2016 under multiple banking arrangement wherein, the Bank was one of the member Banks and during 2018, the borrowing account was classified as Non-Performing Asset and has been fully provided for. As such, no impact on the financials of the Bank going forward.

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