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

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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.

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