Nabard clean chit to Reliance Commercial Finance, sees no fraud in GT audit

Nabard had classified the account of RCFL as "red flag" in February this year, which led to a detailed forensic audit of the company's books, delaying its sale.

The National Bank for Agriculture and Rural Development (Nabard) has given the clean chit to Reliance Commercial Finance Ltd (RCFL), the wholly-owned non-banking financial company of Reliance Capital, after an independent forensic audit report from Grant Thornton (GT) did not detect any fraud in the account.
 
Nabard is the second-largest lender to RCFL with exposure of over Rs 1,100 crore, and, with its nod, the sale of RCFL will be put on the fast track, said a banker.
 
Last week, at a meeting of the consortium of lenders led by Bank of Baroda, Nabard said it had examined