Karnataka Bank has reported a fraud of Rs 40.39 crore in the credit facilities to Hanung Toys and Textiles to Reserve Bank of India (RBI). Hanung Toys and Textiles has already been declared as non-performing borrowing account.
Hanung Toys and Textiles dealing with the bank since 2008 had availed various credit facilities under consortium arrangement wherein, Karnataka Bank was one of the member banks.
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.
