State Bank of India (SBI) Removes Religare Finvest Limited’s (RFL) ‘Fraud’ Tag
New Delhi, January 2024.
In a significant development, the State Bank of India (SBI), one of the lenders of Religare Finvest Limited (RFL), has removed RFL’s record, reported by it as fraud, from the Central Fraud Registry database. This decision follows an Order dated December 18, 2023 from the Honourable Delhi High Court directing SBI to remove the fraud tag.SBI informed RFL today through a formal communication.
In March 2023, RFL, a wholly owned subsidiary of Religare Enterprises Limited (REL), achieved a key milestone when it completed a One-Time Settlement (OTS) with 16lenders through organic collections. The Company paid more than Rs 9000 crores to the country's banking system. Currently, RFL is awaiting the lifting of the Corrective Action Plan (CAP) imposed on RFL by th...
