Karnataka Bank Pointed Out Rs 13 Cr Fraud, Reported to RBI

SMEStreet Desk
Mar 25, 2019 11:59 IST
New Update
RBI, Yes Bank, Karnataka Bank,

Karnataka Bank 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 arrangements and necessary accounting treatment has already been given as per the extant RBI guidelines, it added.

#RBI #Karnataka Bank