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 through a formal communication.
In March 2023, RFL, a subsidiary of REL, successfully completed a One-Time Settlement with 16 lenders, paying over Rs 9000 crores to the country’s banking system through organic collections. Currently, RFL is awaiting the lifting of the Corrective Action Plan (CAP) imposed on RFL by the Reserve Bank of India (RBI) in January 2018.
Commenting on the development, Dr Rashmi Saluja, Executive Chairperson, REL & CMD RFL said, “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. This is pivotal step in the revival of RFL.”
