Punjab & Sind Bank reports IF&FS Financial Services as fraud account to RBI




Punjab and Sind Financial institution on Friday stated it has reported to the Reserve Financial institution of India (RBI) the account of IL&FS Monetary Companies (IFIN) as fraud with excellent dues of over Rs 561 crore.

The NPA account, IL&FS Monetary Companies, with excellent dues of Rs 561.13 crore has been declared as fraud and reported to the RBI as per the regulatory requirement, the financial institution stated in a regulatory submitting.





“Additional, the financial institution has already made 100 per cent provisioning as per the prescribed prudential norms and the account is technically written off,” it added.

The rip-off on the IL&FS group got here to mild in September 2018 after a number of group entities defaulted on repayments as a consequence of extreme liquidity issues. Later, the federal government outdated the board of administrators to revive the ailing group.

IFIN, which has been discovered to be funding its personal revenues for a number of years, was the principle supply of funds for the IL&FS group entities. The group had amassed a debt burden of over Rs 90,000 crore.(Solely the headline and movie of this report could have been reworked by the Enterprise Commonplace workers; the remainder of the content material is auto-generated from a syndicated feed.)

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