Indian Bank reports three NPA accounts as fraud to RBI

Three non-performing accounts, S Kumars Nationwide Ltd, Priya Ltd and Yuvaraj Power Projects, have been declared as fraud and reported to the RBI as per regulatory requirement.

Published: 05th March 2021 11:02 AM  |   Last Updated: 05th March 2021 11:02 AM   |  A+A A-

Indian Bank

For representational purposes (File | EPS)

By PTI

NEW DELHI: Indian Bank on Thursday reported three accounts as fraud to the RBI with total outstanding of over Rs 35 crore.

Three non-performing accounts, S Kumars Nationwide Ltd, Priya Ltd and Yuvaraj Power Projects, have been declared as fraud and reported to the RBI as per regulatory requirement, Indian Bank said in an exchange filing.

The state-owned lender said all of the three accounts have caused fund diversion to the tune of Rs 35.29 crore. S Kumars Nationwide Ltd has outstanding balance of Rs 14.51 crore, Priya Ltd Rs 9.73 crore and Yuvaraj Power Projects Rs 11.05 crore.

While the former two accounts have provision up to 100 per cent of the loan outstanding, the third account has provision cover of Rs 9.60 crore at end of December 2020, said the lender. Indian Bank shares closed 0.32 per cent up at Rs 139.90 apiece on BSE.

Now we are on Telegram too. Follow us for updates
TAGS
Indian Bank RBI Fraud accounts NPA accounts
India Matters

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

Videos
Gallery