NPA account of Saravana Stores declared as fraud: Indian Bank
The Hindu
Indian Bank on Wednesday said it had declared the NPA account of Saravana Stores with an outstanding balance of ₹231 crore as ‘fraud’.“We have to inform that non-performing account [NPA] Saravana Stor
Indian Bank on Wednesday said it had declared the NPA account of Saravana Stores with an outstanding balance of ₹231 crore as ‘fraud’. “We have to inform that non-performing account [NPA] Saravana Stores [Gold Palace] has been declared as fraud and reported to RBI as per regulatory requirement,” Indian Bank said in a regulatory filing. The nature of the fraud is in the form of diversion of funds, the public sector lender said, adding that the outstanding balance on Saravana Stores stood at ₹230.74 crore.More Related News