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Karnataka Bank reports Rs 13 cr fraud to RBI

Press Trust of India  |  New Delhi 

Saturday said it has reported to regulator RBI about a fraud amounting to Rs 13.26 crore in the fund-based working capital facility extended to SRS Finance Ltd.

The fraud was on account of "diversion of funds", the lender said in a BSE filing.

The extended the working capital facility under multiple arrangement and necessary accounting treatment has already been given as per the extant RBI guidelines, it added.

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

First Published: Sat, March 23 2019. 15:50 IST