SBI Declares Reliance Communications & Anil Ambani as "Fraud"; CBI Complaint Filed

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SBI Classifies Reliance Communications and Anil Ambani as 'Fraud'; Complaint with CBI in Process

The State Bank of India (SBI) has officially classified Reliance Communications (RCom) and its promoter director, Anil D. Ambani, as "fraud" and is in the process of filing a complaint with the Central Bureau of Investigation (CBI), Parliament was informed on Monday.

Minister of State for Finance Pankaj Chaudhary, in a written reply to the Lok Sabha, stated that SBI declared the entities as fraudulent on June 13, 2025, following the RBI's Master Directions on Fraud Risk Management and the bank’s internal policy. The classification was reported to the Reserve Bank of India on June 24, and a CBI complaint is being lodged.

RCom’s Resolution Professional disclosed the fraud classification to the Bombay Stock Exchange on July 1, 2025, in line with compliance norms.

SBI's exposure to RCom includes a fund-based outstanding principal of ₹2,227.64 crore (as of August 26, 2016) and a non-fund-based bank guarantee of ₹786.52 crore. RCom is currently undergoing the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code (IBC), with a resolution plan submitted to the National Company Law Tribunal (NCLT), Mumbai, on March 6, 2020. NCLT’s decision is still pending.

Additionally, SBI has initiated a personal insolvency resolution process under the IBC against Anil Ambani, which is being heard by NCLT, Mumbai.

SBI had initially marked the account and Anil Ambani as fraudulent on November 10, 2020, and filed a complaint with the CBI on January 5, 2021. However, the complaint was returned due to a Delhi High Court "status quo" order dated January 6, 2021.

Subsequently, the Supreme Court’s March 27, 2023, ruling in *SBI vs. Rajesh Agarwal & Others* mandated that borrowers be given a chance to be heard before such fraud classifications. Following this, SBI reversed its fraud label on September 2, 2023, but later reclassified the account as fraudulent after adhering to RBI's updated guidelines dated July 15, 2024.

No Proposal to Waive Farm Loans, But Credit Relief Measures Continue

In response to another question, Chaudhary clarified that the Union Government is not considering any proposal to waive outstanding agricultural loans. However, measures like timely credit access under the Kisan Credit Card (KCC) scheme, subsidised loans up to ₹3 lakh under the Modified Interest Subvention Scheme (MISS), and increased agricultural credit targets are in place to support farmers.

Over 2 Lakh Women Agents Join LIC’s Bima Sakhi Scheme; ₹115 Crore Paid So Far in FY26

Chaudhary also informed Parliament about the progress of the Bima Sakhi or Mahila Career Agent (MCA) Scheme, launched on December 9, 2024, by the Government of India.

Life Insurance Corporation (LIC) has so far disbursed ₹62.36 crore as stipend to Bima Sakhis during FY2024-25. For the ongoing fiscal year 2025-26, LIC allocated ₹520 crore, of which ₹115.13 crore has been paid up to July 14, 2025.

Currently, there are 205,896 Bima Sakhis across the country. LIC supports them through performance-linked incentives and a stipend of ₹7,000 in the first year, ₹6,000 in the second, and ₹5,000 in the third. Graduate Bima Sakhis who complete five years of service may become eligible for the Apprentice Development Officer recruitment process at LIC.

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