The State Bank of India (SBI) has removed Religare Finvest Limited (RFL)’s fraud record 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.
In March 2023, RFL, a subsidiary of Religare Enterprises Limited, completed a One-Time Settlement with 16 lenders through organic collections, paying over Rs 9000 crores to the Indian banking system. The company is currently awaiting the lifting of the Corrective Action Plan imposed by the Reserve Bank of India in January 2018.
The Central Fraud Registry is a web-based and searchable database on frauds reported by commercial banks and selects financial institutions in terms of Master Directions on the classification and reporting of frauds. RFL’s Chief Executive Officer, Mr Pankaj Sharma, said the announcement holds significant significance for the company, as it will open doors for growth.
