State-run lender reports ₹ ₹270.57-crore worth loan fraud by Odisha-based firm to RBI; stock down 10% YTD | Stock Market News
Source: Live Mint
State-owned Punjab National Bank on Tuesday reported a fraud of ₹270.57 crore by Odisha-based Gupta Power Infrastructure Ltd to the Reserve Bank.
Borrowal fraud of ₹270.57 crore has been reported to the Reserve Bank of India (RBI) in non-performing asset (NPA) account of Gupta Power Infrastructure Ltd, PNB said in a regulatory filing.
The loan was given by Station Square branch of the bank in Bhubaneswar, it said.
The bank has already made provisions amounting to ₹270.57 crore, according to prescribed prudential norms.
For the December quarter, PNB posted more than two-fold jump in net profit to ₹4,508 crore as against ₹2,223 crore in the same quarter a year ago.
The company’s total income increased to ₹34,752 crore from ₹29,962 crore in the same period a year ago, PNB said in a regulatory filing.
Interest income also rose to ₹31,340 crore from ₹27,288 crore in the same quarter a year ago.
On the asset quality front, the bank’s gross non-performing assets ratio moderated to 4.09 per cent from 6.24 per cent a year ago.
