Indian Bank reports 3 NPA accounts worth over Rs 35 cr as fraud to RBI

Topics Bank fraud | Indian Bank | NPAs

Shutterstock.com

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.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel