Punjab & Sind Bank reports fraud of Rs 94cr in NPA account, BFSI News, ET BFSI

Punjab & Sind Bank on Thursday reported a fraud of Rs 94.29 crore in an NPA account of Supertech Township Projects. In a regulatory filing, the state-owned lender said it has reported the fraud to the Reserve Bank of India (RBI).

“…it is informed that an NPA Account, viz M/s Supertech Township Projects Limited with outstanding dues of Rs 94.29 crore has been declared as fraud and reported to RBI today as per regulatory requirement,” the Delhi-headquartered bank said.

The account has been fully provided for as per the existing RBI norms, it added. NKD NKD RUJ RUJ