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Scroll.in
22-07-2025
- Business
- Scroll.in
SBI has classified Reliance Communications, Anil Ambani as ‘fraud': Centre tells Parliament
The State Bank of India has classified Reliance Communications and its promoter-director Anil Ambani as 'fraud' and is in the process of registering a complaint with the Central Bureau of Investigation, the Union government told Parliament on Monday. In a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said that the entities were classified as fraud on June 13 in accordance with the Reserve Bank of India's Master Directions on Fraud Risk Management and the Board-approved Policy on Classification, Reporting and Management of Frauds. The minister added that the SBI reported the classification to the RBI on June 24. On July 1, the telecom firm informed the Bombay Stock Exchange about the fraud classification as part of its disclosure compliance. The credit exposure of the SBI in Reliance Communications includes a fund-based principal outstanding amount of Rs 2,227.64 crore, along with an accrued interest and expenses with effect from August 26, 2016, and a non-fund based bank guarantee of Rs 786.52 crore, Chaudhary said. He added that the telecom firm was undergoing the Corporate Insolvency Resolution Process under the 2016 Insolvency and Bankruptcy Code. The code provides a legal framework to resolve insolvency cases and release non-performing assets quickly. The minister added that the resolution plan was approved by the Committee of Creditors and filed with the National Company Law Tribunal in Mumbai on March 6, 2020. The approval of the tribunal is awaited. The SBI had earlier classified the account and Ambani as 'fraud' in November 2020 and filed a complaint with the CBI in January 2021. However, the complaint was returned in view of a 'status quo' order passed on January 6, 2021 by the Delhi High Court, he added. The Supreme Court had in March 2023 mandated that lenders provide borrowers with an opportunity to represent themselves before classifying their accounts as fraud. In view of the order, the fraud classification in the account was reversed by the SBI in September 2023, the minister said. The reply added that the classification process was re-run and the account was once again classified as 'fraud' after due process as per a circular issued by the RBI on July 15, 2024. Last month, Reliance Communications in a regulatory filing said that it had received a letter on June 23 from the SBI on its decision to classify the loan account of the telecom firm as 'fraud' and to report Ambani to the RBI. In 2019, the telecom firm had said that it had decided to file for bankruptcy through the National Company Law Tribunal after failing to sell assets to pay up a debt of around Rs 45,000 crore.
NDTV
22-07-2025
- Business
- NDTV
SBI Classifies Reliance Communications, Promoter Anil Ambani As "Fraud"
New Delhi: 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.
Mint
22-07-2025
- Business
- Mint
SBI classifies Reliance Communications, promoter Anil Ambani as ‘fraud', CBI complaint in process
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 ₹ 2,227.64 crore along with the accrued interest and expenses with effect from August 26, 2016 and non-fund based Bank Guarantee of ₹ 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 ₹ 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 ₹ 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 ₹ 520 crore for the scheme, out of which ₹ 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 ₹ 7,000 per month in the first year to ₹ 5,000 in the third year.
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Business Standard
22-07-2025
- Business
- Business Standard
SBI classifies RCom, Anil Ambani as 'fraud'; to lodge complaint with CBI
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. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
The Hindu
21-07-2025
- Business
- The Hindu
SBI classifies Reliance Communications, its promoter Anil Ambani as 'fraud'; to lodge complaint with CBI
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 (July 21, 2025). 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 ₹2,227.64 crore along with the accrued interest and expenses with effect from August 26, 2016 and non-fund based Bank Guarantee of ₹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.
