Home Business PNB Hit By Another Scam, Reports Borrowing Fraud Of Over Rs 2,000 Cr In NPA Account

PNB Hit By Another Scam, Reports Borrowing Fraud Of Over Rs 2,000 Cr In NPA Account

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New Delhi: Punjab Nationwide Financial institution (PNB) has reported a borrowing fraud of Rs 2,060.14 crore in a non-performing account (NPA) of IL&FS Tamil Nadu Energy Co. Ltd. The financial institution has reported the fraud to RBI within the accounts of the corporate.

“A fraud of Rs 2,060.14 crore is being reported by the financial institution to the RBI within the accounts of the corporate,” PNB mentioned in a submitting, as quoted by news18. This comes after The financial institution reportedly mentioned that it has already made provisions as much as Rs 824.06 Crore, as per norms.

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A month in the past, IL&FS Tamil Nadu Energy Firm was declared a nasty asset — with dues of over Rs 148 crore — by one other public sector lender Punjab & Sind Financial institution (PSB).

On willpower and disclosures of fabric occasions as per the financial institution’s coverage, PSB declared the NPA as a fraud account. “It’s knowledgeable that an NPA account, viz IL&FS Tamil Nadu Energy Firm Ltd with excellent dues of Rs 148.86 crore has been declared as fraud and reported to RBI at the moment as per regulatory requirement,” the financial institution had mentioned in a regulatory submitting, as quoted by news18.

In response to the corporate’s annual report, on the finish of March 31, 2021, it had a cost due of Rs 7,181 crore, Financial Occasions reported. Infrastructure Leasing & Monetary Companies Ltd (IL&FS) below its power platform has arrange a particular objective car for the implementation of thermal energy tasks at Cuddalore in Tamil Nadu.

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The lending banks shall classify such accounts as particular point out accounts (SMA), as per the RBI tips. 

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