FinMin directs PSBs to examine NPAs above Rs 50 cr

Finance Ministry on Tuesday directed public sector banks (PSBs) to probe all NPA accounts of over Rs 50 crore for possible fraud and accordingly report the cases to CBI. The direction comes amid state-owned lender PNB reporting Rs 12,700 crore fraud through alleged fraudulent misuse of letters of undertaking (LoUs) by billionaire jeweller Nirav Modi and associates.