Punjab & Sind Bank reports fraud of Rs 561.13 cr

For NPA account of IL & FS Financial Services

Oct 24, 2020 12:10 IST capital market

Punjab & Sind Bank announced that an NPA Account, viz. IL & FS Financial Services (IFIN) with outstanding dues of Rs.561.13 crore has been declared as fraud and reported to RBI as per regulatory requirement. Further, Bank has already made 100% provisioning as per the prescribed prudential norms and account is technically written off.

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