New Delhi, January 2024.

In a significant development, the State Bank of India (SBI), one of the lenders of Religare Finvest Limited (RFL), has removed RFL’s record, reported by it as fraud, from the Central Fraud Registry database. This decision follows an Order dated December 18, 2023 from the Honourable Delhi High Court directing SBI to remove the fraud tag.SBI informed RFL today through a formal communication.

In March 2023, RFL, a wholly owned subsidiary of Religare Enterprises Limited (REL), achieved a key milestone when it completed a One-Time Settlement (OTS) with 16lenders through organic collections. The Company paid more than Rs 9000 crores to the country's banking system. Currently, RFL is awaiting the lifting of the Corrective Action Plan (CAP) imposed on RFL by the Reserve Bank of India (RBI) in January 2018.

Commenting on the development, Dr Rashmi Saluja, Executive Chairperson, REL & CMD RFL said, “We are pleased to witness the positive outcome of our efforts. The removal of the 'fraud' tag stands as a testament to the commitment and dedication of the Company’sBoard, management and employeesin resurrecting RFL and the Group from the brink in the aftermath of fraud perpetrated by the erstwhile promoters and their affiliates and putting it on the path of growth and development.This is pivotal step in the revival of RFL.”

Mr Pankaj Sharma, Chief Executive Officer, RFL said, “The announcement holds great significance for the Company, as it will open doors for our strategic path towards achieving growth.RFL eagerly awaits the much anticipated removal of the RBI Corrective Action Plan (CAP) that was put into effect in January 2018.”

The Central Fraud Registry, established under the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select FIs) Directions, 2016, is a web-based and searchable database on frauds reported by commercial banks and select financial institutions in terms of Master Directions on classification and reporting of frauds.