Punjab & Sind Bank declares IL&FS account as fraud with Rs 399 crore outstanding
Punjab & Sind Bank declares IL&FS account as fraud with Rs 399 crore outstanding

Public-sector Punjab & Sind Bank on Thursday said it has declared its IL&FS NPA account with Rs 399 crore outstanding loan as fraud and has reported it to the Reserve Bank.

The NPA account Infrastructure Leasing & Financial Services Ltd (IL&FS) with outstanding dues of Rs 399.31 crore has been declared as fraud, the bank said in a regulatory filing.

The bank said it has reported it to the RBI on Thursday as per regulatory requirement.

"Further, the account has been fully provided for as per existing RBI norms," it said.

P&SB stock closed 4.65 per cent lower at Rs 16.40 apiece on BSE on Thursday.

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