Religare Finvest Gets Clean Slate: SBI Officially Clears ‘Fraud’ Label

The State Bank of India (SBI) has officially removed the ‘fraud’ designation from Religare Finvest Ltd (RFL) as per a Delhi High Court order, allowing the non-bank financier to potentially resume lending.

RFL awaits the lifting of a corrective action plan. The move signifies efforts to revive RFL after fraud by its former promoters. In March 2023, RFL settled with 16 lenders, repaying over ₹9,000 crore. The Burman family’s bid for control faced resistance but gained approval from the Competition Commission of India for an additional stake. Rashmi Saluja, REL’s Executive Chairperson, highlighted the commitment to resurrecting the company.