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Indian Bank Reports 3 NPA Accounts As Fraud To RBI

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

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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. 

(PTI)