Indian Bank reports frauds worth ₹266 crore
The Hindu
Three NPA accounts have been declared as fraud and reported to RBI as per regulatory requirement
Indian Bank on Saturday said it had reported over ₹266 crore worth of fraud to the Reserve Bank, relating to three NPA accounts.
These non-performing accounts have been declared as fraud and reported to RBI as per regulatory requirement, the lender said in a regulatory filing.
It has declared MP Border Checkpost Development Co. Limited as fraud with an outstanding of ₹166.89 crore; Pune Sholapur Road Development (₹72.76 crore) and SONAC (₹27.08 crore). Indian Bank said it had held provisions worth ₹12.58 crore against SONAC. While in the case of other two accounts, the provisions held are equivalent to the entire exposure, respectively.
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