Indian Bank on Thursday reported three accounts as fraud to the RBI with a total outstanding of over Rs35cr. The bank in a regulatory filing said the Non-Performing Accounts (NPA) of S Kumars Nationwide, Priya and Yuvaraj Power Projects as fraud and reported them to the RBI for diversion of funds.
S Kumars Nationwide Ltd has an outstanding balance of Rs14.51cr, Priya Ltd Rs9.73cr and Yuvaraj Power Projects Rs11.05cr. While the former two accounts have provision up to 100%t of the loan outstanding, the third account has provision cover of Rs9.60cr at end of December 2020, said the state-owned lender.
Meanwhile, Committee of Directors of the company are scheduled to hold a meeting on March 9, 2021 to consider the modes of raising the equity capital of the bank within the overall limit of Rs4,000cr (including premium).
At around 9.53 am, Indian Bank was trading at Rs140.50 per piece up by Rs0.6 or 0.43% from its previous closing of Rs139.90 per piece on the BSE.