SBI classifies RCom, Anil Ambani as 'fraud'; to lodge complaint with CBI

Business Standard

6 days ago

State Bank of India has classified Reliance Communications along with promoter director Anil D Ambani as 'fraud' and is also in the process of lodging complaint with CBI, Parliament was informed on Monday.
The entities were classified as fraud on June 13, 2025 in accordance with the RBI's Master Directions on Fraud Risk Management and Bank's Board-approved Policy on Classification, Reporting & Management of Frauds, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha.
"On June 24, 2025, the bank reported classification of fraud to RBI, and is also in the process of lodging complaint with CBI," he said.
Further, on July 1, 2025, as part of disclosure compliance, Resolution Professional of RCom informed the Bombay Stock Exchange regarding fraud classification by the bank.
The credit exposure of SBI in RCom includes, fund-based principal outstanding amount of Rs 2,227.64 crore along with the accrued interest and expenses with effect from August 26, 2016 and non-fund based Bank Guarantee of Rs 786.52 crore, he said.
RCom is undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016. The resolution plan was approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT), Mumbai on March 6, 2020, and NCLT approval is awaited.
The bank has also initiated Personal Insolvency Resolution Process under IBC against Anil D Ambani and the same is being heard by NCLT, Mumbai, he said.
The bank had earlier classified the account and promoter Anil D Ambani as 'fraud' on November 10, 2020 and filed a complaint with the CBI on January 5, 2021.
However, he said, the complaint was returned in view of the 'status quo' order dated January 6, 2021 by the High Court, Delhi.
Meanwhile, a Supreme Court judgement dated March 27, 2023 in State Bank of India & Others Vs Rajesh Agarwal & Others case mandated that lenders provide borrowers with an opportunity to represent before classifying their accounts as fraud.
Accordingly, he said, the fraud classification in the account was reversed by the bank on September 2, 2023.
The fraud classification process was re-run, and the account was again classified as 'fraud' after following the due process as per RBI circular dated July 15, 2024.
In reply to another question, Chaudhary said there is no proposal to waive the outstanding agricultural loans under consideration with the Union Government.
However, he said, the Union Government has taken several measures to provide relief and to improve the economic conditions of farmers which includes timely and adequate credit through Kisan Credit Card (KCC) under which crop loan of up to Rs 3 lakh is provided at subsidized interest rates under the Modified Interest Subvention Scheme (MISS).
It comes with additional incentives for timely repayment, fixation of progressively increased agricultural credit target, issuance of revised Priority Sector Lending guidelines to ensure improved credit flow to the agricultural sector etc.
Replying to another question, Chaudhary said the Government of India launched Bima Sakhi- 'Mahila Career Agent (MCA) Scheme' on December 9, 2024.
LIC paid Rs 62.36 crore to Bima Sakhis as stipend in FY2024-25, he said.
In the current financial year (2025-26), he said, LIC has provided a budget of Rs 520 crore for the scheme, out of which Rs 115.13 crore has been paid up to July 14, 2025.
At present, there are 2,05,896 Bima Sakhis in the country.
LIC provides opportunities to Bima Sakhis, in furtherance of their career by way of several performance-based incentives. Graduate Bima Sakhis, after completion of 5 years, may participate in the recruitment process for the post of Apprentice Development officers of LIC, upon fulfilling the eligibility criteria, he said.
Apart from above, LIC pays stipend to Bima Sakhis for first 3 years from their appointment to support them build a life insurance agency career, he said.
The stipend scheme is in addition to their commission pay-outs and is subject to certain performance parameters, he said, adding, the amount of the stipend ranges from Rs 7,000 per month in the first year to Rs 5,000 in the third year.
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