Sept 1 (Reuters) - South Indian Bank Ltd

* Internal investigation by bank unearthed irregularities of fraudulent nature including misappropriation of funds at a branch

* Misappropriation of funds amounts to 320 million rupees

* In process of recovery of amount and has recovered 37.8 million rupees

* Prima facie reasons for the fraud are identified as overlooking due diligence process

* Bank has insurance cover against such fraudulent instances up to 240 million rupees

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