Business Companies 23 Mar 2019 Karnataka Bank repor ...

Karnataka Bank reports Rs 13 crore fraud to RBI

PTI
Published Mar 23, 2019, 4:02 pm IST
Updated Mar 23, 2019, 4:02 pm IST
The fraud was on account of ‘diversion of funds’, the lender said in a BSE filing.
The bank extended the working capital facility under multiple banking arrangement.
 The bank extended the working capital facility under multiple banking arrangement.

New Delhi: Karnataka Bank on 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 bank extended the working capital facility under multiple banking arrangement and necessary accounting treatment has already been given as per the extant RBI guidelines, it added. 

...
Location: India, Delhi, New Delhi




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT