NABARD gives clean chit to Reliance Commercial Finance

NEW DELHI: Government-owned National Bank for Agriculture and Rural Development (NABARD), the second largest lender to Reliance Commercial Finance Limited (RCF) with over Rs 1,100 crore of secured loan exposure, has given a clean chit to RCF and has removed its red flag. NABARD is a part of the consortium of lenders and is signatory to an inter creditor agreement (ICA) executed between the lenders of RCF under the June 7, 2019 circular of RBI on resolution of stressed assets. NABARD had classified the account of RCF as red flag on February 25, 2020. Thereafter lenders conducted a detailed forensic audit by Grant Thornton (GT). (IANS)

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