Udupi: 96-year-old dies in note exchange queue before a bank

Jun 6: Private sector lender Karnataka Bank has reported to the RBI that it has been defrauded of over Rs 285 crore consequent to loans gone bad to four entities including DHFL.

A total of Rs 285.52 crore has been reported as fraud wherein the bank was one of the consortium lenders during 2009 to 2014 to Dewan Housing Finance Corporation Ltd (DHFL), Religare Finvest, Fedders Electric and Engineering Ltd and Leel Electricals Ltd, Karnataka Bank said in a regulatory filing on Friday.

The maximum is owed by DHFL at Rs 180.13 crore, followed by Religare Finvest Rs 43.44 crore, Fedders Electric Rs 41.30 crore and Leel Electricals Rs 20.65 crore.

"DHFL (defaulted entity) dealing with us since 2014 had availed various credit facilities under consortium arrangement wherein, we were one of the member banks. In view of Early Warning Signals (EWS) in the conduct of the account and other developments, the account was red flagged on November 11, 2019.

"The borrowing account was classified as Non-Performing Asset on October 30, 2019 and now, for misappropriation & criminal breach of trust & diversion of funds in the credit facilities extended earlier to the company, a fraud amounting Rs 180.13 crore has been reported to RBI," Karnataka Bank said.

Likewise, Religare Finvest Ltd (RFL) was dealing with the bank since 2014, availing various credit facilities.

Following classification of this account as non-performing in October 2019 by a consortium member, Karnataka Bank reported to RBI a fraud amounting to Rs 43.44 crore in the credit facilities extended earlier, on account of diversion of funds.

Leel Electricals was classified as NPA account in March 2019 and it reported to RBI a fraud amounting to Rs 20.65 crore in the credit facilities to the company on account of diversion of funds.

"In all the referred three non-performing accounts, necessary provisions have been made in full to be spread across four quarters," it said.

Fedders Electric and Engineering Limited was reported as NPA in July 2018 by a member bank in consortium, subsequent to which Karnataka Bank reported fraud of Rs 41.30 crore on account of fund diversion.

The account has already been fully provided for, it added.

Mangaluru, Jun 2: The Karnataka Muzarai department, whose main income comes through temple and other religious places of worship, has incurred a loss of Rs 600 Crore in revenue during the lock-down, Minister for Muzrai Kota Srinivas Poojary said on Monday.

Addressing reporters here, he said the Kollur Sri Mookambika temple alone lost revenue of about Rs 14 crore it was earning during April and May.

Around 300 A and B grade temples under Muzrai (Hindu religious institutions and charitable endowments) department in the State lost around 35 per cent of their annual income, he said.

Mangaluru, Feb 7: To stop the NRC and CAA from being implemented everyone has to fight unitedly highlighting the failures of the ruling party, said National President of Priyadarshini squad, All India National Women’s Congress Kavya Narasimha Murthy.

Addressing the workshop for the protection of Citizenship against CAA, NRC and NPR for the party workers at the Cordel Hall, Kulshekar here Thursday by district Congress party, she said, “Protests are being held everywhere against the CAA, NRC and NPR but if we only go on protesting, the ruling party will implementing divisive policies and new laws every day.

Many think that they may not be affected by the CAA, NRC or NPR and keep away from protesting against it. The congress should fight against the CAA concentrating on three approaches. We cannot fight against divisive politics by fighting only against the CAA and NRC. We need to expose the government’s failures, their divisive politics and continue our protests against the CAA, NCR and NPR.”