Punjab -; Sind Bank declares IL-;FS Tamil Nadu Power worth Rs148.86 crore as fraud account

16 Feb 2022 , 09:35 AM

Punjab & Sind Bank on Tuesday reported borrowal fraud of Bank’s Exposure in IL&FS Tamil Nadu Power Company Limited involving an amount of Rs148.86 crore to Reserve Bank of India (RBI).

“An NPA (Non-Performing Asset) account, IL & FS Tamil Nadu Power Company with outstanding dues of Rs148.86 crore has been declared as fraud. The Bank reported this fraud to RBI and has already made provisions amounting to Rs59.54 crore,” the bank  said in a filing on Tuesday.

At around 9.38 AM, Punjab & Sind Bank was trading at Rs16.15 per share up by Rs0.2 or 1.25% from its previous closing of Rs15.95 per share on the BSE.

The scrip opened at Rs16.45 and has touched a high and low of Rs16.45 and Rs16.05 respectively.