SBI to keep status quo on Reliance Communications loans The bank, meanwhile, said its audit division has found evidence of diversion of funds and such other irregularities. Share Via Email | A+A A- By Express News Service NEW DELHI: The Delhi High Court on Wednesday directed the State Bank of India (SBI) and banking regulator Reserve Bank of India (RBI) to maintain status quo with regard to accounts of Anil Ambani-owned Reliance Communications (Rcom), Reliance Telecom, and Reliance Infratel which have been classified as “fraud” accounts by the state-run lender. The court passed the order while hearing a petition by Reliance Communications’ erstwhile director Punit Garg, who challenged the central bank’s 2016 circular regarding the declaration of the accounts as fraud. Garg argued that the circular violates the principles of natural justice without granting the parties any opportunity to be heard. The bank, meanwhile, said its audit division has found evidence of diversion of funds and such other irregularities.