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Karnataka Bank reports to RBI about fraud of Rs 34 crore in its credit facilities

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 arrangements in which Karnataka Bank was one of the members.

During 2018, the borrowing account was classified as a non-performing asset and has been fully provided for, it added.

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Written by Ritik Gupta

His name is Ritik Gupta; currently pursuing law. He has always kept pride as his everything. He deems writing as not like any other hobby but a reflection of one’s intellectuality. He likes to research on the parasitic problems and then lay them down in such a means that can be of assistance to the society. He just not studies law but treats it a controversial weapon to defeat the wrong.

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