Despite a stay by Delhi High Court on Bank of Baroda as the lead bank, Indian Bank has classified its loan exposure to Reliance Home Finance as fraud.
Indian Bank has classified its exposure to Reliance Home Finance Ltd (RHFL) as a fraud account. As per information reported on Central Repository of Information on Large Credits (CRILC), Indian Bank made such classification on 29th August, 2020. Indian Bank's exposure to RHFL is only Rs 120 crore out of the total debt of over Rs 1,00,000 crore.
It is to be noted that earlier Delhi High Court had stayed such classification by the lead bank Bank of Baroda on August 14. Similar action of Punjab National Bank was also stayed by Delhi High Court on August 11.
Indian Bank's action on August 29 is despite the Delhi High Court staying such action by the lead bank Bank of Baroda on August 14.