A fraud of Rs. 2060.14 crore is being reported by the bank to RBI in the accounts of IL&FS Tamil Nadu Power
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State-owned lender Punjab National Bank has reported a fraud in borrowing worth over Rs 2,000 crore in the NPA (non-performing asset) account of IL&FS Tamil Nadu Power. The incident has happened at the Extra Large Corporate Branch in Delhi zonal office, the bank said. “A fraud of Rs 2,060.14 crore is being reported by the bank to the RBI in the accounts of the company,” PNB said in a filing. This comes as the bank already fights the infamous case of the Nirav Modi scam. It added that the bank has already made provisions amounting to Rs 824.06 crore. “The bank has already made provisions amounting to Rs 824.06 crore, as per prescribed prudential norms,” PNB said in the disclosure.
Earlier, the Punjab & Sind Bank (PSB) had said on February 15 that it had declared IL&FS Tamil Nadu Power as bad asset with dues of over Rs 148 crore, and reported it to the Reserve Bank of India. As per the bank’s policy on determination and disclosures on material events, PSB said it has declared this non-performing account (NPA) as a fraud account. “It is informed that an NPA account,…
