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Karnataka Bank reports Rs 13.26 crore fraud to RBI

25 Mar 2019 Evaluate

Karnataka Bank has reported a fraud to RBI amounting to Rs 13.26 crore in the fund based working capital facility that was extended to SRS Finance, on account of diversion of funds.

The said working capital facility was extended by the Bank under Multiple Banking arrangement and necessary accounting treatment has already been given as per the extant RBI Guidelines.

Karnataka Bank operates as a private sector bank. Its products and services include current account, demand, time, cumulative, cash certificates, insurance linked savings bank deposits, resident foreign currency accounts and senior citizens deposit schemes.

Peers
Company Name CMP
HDFC Bank 682.65
ICICI Bank 1391.25
Axis Bank 1221.00
Kotak Mahindra Bank 460.20
Indusind Bank 850.90
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