NEWS
PNB reports Rs 271 crore loan fraud by Odisha-based firm
Punjab National Bank reports fraud of Rs 270.57 crore by Odisha-based Gupta Power Infrastructure to the RBI; loan was given by bank’s Station Square branch in Bhubaneswar.
Punjab National Bank reports fraud of Rs 270.57 crore by Odisha-based Gupta Power Infrastructure to the RBI; loan was given by bank’s Station Square branch in Bhubaneswar.
Punjab National Bank on Tuesday reported a fraud of Rs 270.57 crore by Odisha-based Gupta Power Infrastructure Ltd to the Reserve Bank of India (RBI).
The state-run bank said in a regulatory filing that it has reported a borrowal fraud of Rs 270.57 crore to the RBI in the Gupta Power Infrastructure’s non-performing asset (NPA) account.
The loan was given by the bank’s Station Square branch in Bhubaneswar, the capital city of Odisha.
According to prescribed prudential norms, the bank has already made provisions amounting to Rs 270.57 crore.
For the December quarter, PNB posted a more than two-fold jump in net profit to Rs 4,508 crore compared to Rs 2,223 crore a year ago.
The lender’s total income increased to Rs 34,752 crore from Rs 29,962 crore in the same period a year ago. Interest income also rose to Rs 31,340 crore from Rs 27,288 crore.
On the asset quality front, the bank’s gross NPA ratio declined to 4.09% from 6.24% a year ago.
