Canara Bank calls Reliance Telecom and former Reliance Communications chief wilful defaulters
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Canara Bank's review committee on August 31, 2026 classified Reliance Telecom, a Reliance Communications subsidiary, and Anil Ambani, its former chairman, as wilful defaulters. The order cites fund diversion involving Rs 31,580 crore received by three Reliance firms and Netizen transactions. It says the account was declared fraud and reported to the central bank. Both companies are under insolvency resolution, with plans awaiting tribunal approval.
This may hurt sentiment and funding access. The loan predates insolvency, limiting direct financial impact while tribunal approval is pending.