The State Bank of India (SBI), a lender of Religare Finvest Limited (RFL), has removed RFL’s fraud record from the Central Fraud Registry database. This follows an order from the Delhi High Court on December 18, 2023.
RFL, a subsidiary of Religare Enterprises Limited (REL), completed a One-Time Settlement (OTS) with 16 lenders in March 2023, paying over Rs 9000 crores to the country’s banking system.
The company is currently awaiting the lifting of the Corrective Action Plan (CAP) imposed by the Reserve Bank of India (RBI) in January 2018. Dr. Rashmi Saluja, Executive Chairperson of REL and CMD RFL, expressed satisfaction with the positive outcome of the efforts and praised the commitment of the company’s board, management, and employees in resurrecting RFL and the Group from the brink of fraud.
