The Karnataka Bank Limited — Updates, 30-01-2025: Press Release

A fraud incident has been identified at the Machilipatnam Branch in Andhra Pradesh, where some gold loan packets pledged by customers are reported missing from the branch's safe custody. The total value of the missing gold is estimated to be around Rs. 2 crore. The Bank has initiated action by filing a complaint with the Police, who have registered a First Information Report (FIR) and are conducting an investigation. The issue was discovered through the Bank's Internal Audit and control measures, and steps are being taken to evaluate the entire gold loan portfolio at the branch. The Bank reassures that measures are in place to prevent any inconvenience to existing customers due to this incident.