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Karnataka Bank eyes 12% growth in FY22
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AAA Karnataka Bank on Saturday said it is targeting to grow its business at 12% to more than ₹1.42 lakh crore in the current fiscal year and will gradually increase the share of retail loans in its portfolio.
In a communication to shareholders, the bank said it strives to see 2021-22 as a year of excellence on the back of its healthy business growth, ‘Cost-Lite’ liability portfolio and strengthened fundamentals.
“For the new financial year, the bank is planning to grow its business at 12% to take the total business turnover to about ₹1,42,500 crore,” it said.
Private sector lender Karnataka Bank on Friday said it has reported to the RBI a fraud of about Rs 34.16 crore in credit facilities extended to IL&FS Transportation Networks, which is a dud account now. The bank has reported to RBI (Reserve Bank of India) a fraud in the credit facilities extended earlier to IL&FS Transportation Networks Ltd with an outstanding balance of Rs 34.16 crore (defaulted entity), Karnataka Bank said in a regulatory filing. The lender said IL&FS Transportation had availed credit from it during 2016 under multiple banking arrangement in which Karnataka Bank was one of the members.
Karnataka Bank reports ₹34 16-cr fraud to RBI thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.