State-run lender Indian Financial institution introduced it has reported over ₹266 crore value of fraud to the Reserve Financial institution of India (RBI). The financial institution has reported three non-performing accounts as fraudulent, it stated in a regulatory submitting on Saturday.
These non-performing accounts have been declared as fraud and reported to RBI as per regulatory requirement, the general public sector lender stated in a regulatory submitting.
It has declared M P Border Checkpost Improvement Co Ltd as fraud with an excellent of ₹166.89 crore; Pune Sholapur Street Improvement ( ₹72.76 crore) and SONAC ( ₹27.08 crore).
The frauds have been categorised as diversion of funds in all of the three circumstances.
Indian Financial institution stated it has held provisions value ₹12.58 crore in opposition to SONAC. Whereas within the case of different two accounts, the provisions held are equal to your entire publicity respectively.
Supply: Live Mint