State Bank of India (SBI), one of many lenders to Religare Finvest Ltd. (RFL), has eliminated RFL’s document from the Central Fraud Registry database, RFL stated in a press release.
This resolution follows a latest order of the Delhi High Court directing SBI to take away the fraud tag, SBI on Thursday knowledgeable RFL by means of a proper communication, the corporate stated.
In March 2023, RFL, a completely owned subsidiary of Religare Enterprises Ltd. (REL), accomplished a one-time settlement (OTS) with 16 lenders by means of natural collections. The firm stated it had paid greater than ₹9,000 crore to lenders.
Currently, RFL is awaiting the lifting of the Corrective Action Plan (CAP) imposed on it by the Reserve Bank of India (RBI) in January 2018.
Rashmi Saluja, Executive Chairperson, REL & CMD RFL stated, “The removal of the ‘fraud’ tag stands as a testament to the commitment and dedication of the company’s board, management and employees in resurrecting RFL and the Group from the brink in the aftermath of fraud perpetrated by the erstwhile promoters and their affiliates and putting it on the path of growth and development.”
Pankaj Sharma, Chief Executive Officer, RFL stated, “The announcement holds great significance for the company, as it will open doors for our strategic path towards achieving growth. RFL eagerly awaits the much anticipated removal of the RBI Corrective Action Plan (CAP) that was put into effect in January 2018.”
The Central Fraud Registry, established beneath the RBI (Frauds Classification and Reporting by Commercial Banks and Select FIs) Directions, 2016, is a web-based and searchable database on frauds reported by business banks and choose monetary establishments by way of Master Directions on classification and reporting of frauds.
