State Bank of India (SBI) has declared industrialist Anil Ambani and his company Reliance Communications (RCom) as fraud.
National Desk: State Bank of India (SBI) has declared industrialist Anil Ambani and his company Reliance Communications (RCom) as fraud. Information about this was given by Minister of State for Finance Pankaj Chaudhary in a written reply in the Lok Sabha on Monday. The bank is now in the process of filing a complaint with the CBI.
When was it declared a fraud?
- On 13 June 2025, SBI declared RCom and Anil Ambani as "fraud" under RBI's Fraud Risk Management Guidelines and the bank's policy.
- On June 24, 2025, SBI informed the Reserve Bank of India (RBI) about this and started the process of filing a complaint with the CBI.
- On July 1, 2025, the resolution professional of RCom officially informed the Bombay Stock Exchange (BSE) about the fraud.
What is the amount of fraud?
SBI's total debt to RCom is as follows:
TypeAmount
fund based loan ₹2,227.64 crore (including interest)
Non-fund based bank guarantee ₹786.52 crore
This loan is outstanding since 26 August 2016.
RCom in bankruptcy process
- RCom is currently undergoing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC), 2016.
- The proposal was approved by the Committee of Creditors (CoC) on March 6, 2020, but it is still awaiting approval from the NCLT (National Company Law Tribunal), Mumbai.
Personal bankruptcy proceedings also started against Anil Ambani
SBI has also initiated Personal Insolvency Process against Anil Ambani, which is currently ongoing in NCLT, Mumbai.
Earlier also it was declared as 'fraud'
- Earlier, SBI had declared RCom and Anil Ambani as 'fraud' on November 10, 2020, and also filed a complaint with the CBI on January 5, 2021.
- But due to the 'status quo' (order not to take any action) granted by the Delhi High Court on January 6, 2021, the CBI returned the complaint.
Important decision of the Supreme Court and reprocessing of fraud
- On March 27, 2023, the Supreme Court ruled in the State Bank of India vs Rajesh Agarwal case that it is necessary to allow any borrower to present his case before declaring him a 'fraud'.
- Following this decision, SBI removed the 'fraud' tag on September 2, 2023, and again declared it as 'fraud' on June 13, 2025, after following the entire process as per the rules.
What did the government say on farmer loan waiver?
Pankaj Chaudhary told the Lok Sabha that at present there is no proposal to waive the outstanding agricultural loans of farmers. However, the government has launched several schemes to provide relief to farmers:
Government schemes for farmers:
- Under Kisan Credit Card (KCC), loan up to ₹3 lakh is given at a low interest rate.
- Additional interest discount is also available on repaying the loan on time.
- Priority sector lending guidelines have been issued to increase loan disbursal in the agricultural sector.
Bima Sakhi Yojana: New identity for women agents
The government launched the "Bima Sakhi - Mahila Career Agent (MCA) Scheme" on 9 December 2024. Under this scheme:
- In the financial year 2024-25, LIC gave ₹62.36 crore stipend (salary support) to Bima Sakhis.
- A budget of ₹520 crore has been set in 2025-26, of which ₹115.13 crore has been distributed till July 2025.
- 2,05,896 Bima Sakhi are working across the country.
What benefits do insurance friends get?
- Stipend is given for the first 3 years up to ₹7,000 (first year), ₹6,000 (second year), ₹5,000 (third year).
- Apart from this, they also get commission on insurance sales.
- After 5 years, qualified graduate Insurance Sakhi can apply to become Apprentice Development Officer (ADO) of LIC.
