State-run lender Indian Bank announced it has reported over ₹266 crore worth of fraud to the Reserve Bank of India (RBI). The bank has reported three non-performing accounts as fraudulent, it said in a regulatory filing on Saturday.
These non-performing accounts have been declared as fraud and reported to RBI as per regulatory requirement, the public sector lender said in a regulatory filing.
It has declared M P Border Checkpost Development Co Ltd as fraud with an outstanding of ₹166.89 crore; Pune Sholapur Road Development ( ₹72.76 crore) and SONAC ( ₹27.08 crore).
The frauds have been categorised as diversion of funds in all the three cases.
Indian Bank said it has 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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