SBI removes Religare Finvest from fraud list

Bengaluru: SBI has removed Religare Finvest (RFL), reported by it as ‘fraud’, from Central Fraud Registry database. This decision follows an Order dated December 18, 2023, from Delhi High Court directing SBI to remove the fraud tag.

In March 2023, RFL achieved a milestone when it completed OTS, with 16 lenders. It paid Rs 9,000 crore to India’s banking system. Currently, RFL is waiting the lifting of fraud tag imposed in 2018. Dr Rashmi Saluja, Executive Chairperson, RFL, said: “We are pleased to witness the positive outcome of our efforts. The removal of fraud tag stands as dedication of company’s employees and puts it on path ofdevelopment.