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Karnataka Bank Reports Fraud to RBI; Shares Dip

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Karnataka Bank on Friday said that it has reported to RBI a fraud in the credit facilities extended earlier to IL & FS Transportation Networks with an outstanding balance of Rs 34.16 crore.

Shares of Karnataka Bank were trading down by 3.46% after the bank had announced to RBI a scam of around Rs 34.16 crore in credit facilities provided to IL&FS Transportation Networks.

Karnataka Bank Reports Fraud to RBI; Shares Dip
Karnataka Bank: Quotes, News
BSE 68.60BSE Quote3.15 (-4.59%)
NSE 68.45NSE Quote3.3 (-4.82%)
 

The stock was trading at Rs 66.85, down Rs 2.55, or 3.67% on BSE at 12.33 PM IST. It has touched an intraday high of Rs 68.30 and an intraday low of Rs 66.60.

In 2016, the above entity used credit facilities from the bank under multiple banking arrangements in which Karnataka bank was one of the member banks and the borrowing account was classified as a non-performing asset during 2018 and was fully provided for, the bank said.

In another release, the bank informed that Shri Mahabaleshwara M.S, MD & CEO of Karnataka Bank, was awarded the coveted "CEO of The Year A ward" at the 19th Global Edition of the Business Leader of the Year, presented by the World Leadership Congress & Awards held in Mumbai.

Karnataka Bank posted a 10% growth in net profit at 135 crore for the quarter ended December 2020 compared with 123 crore for the previous year.

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Read more about: karnataka bank scam rbi
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