PNB reports fraud of Rs 2,060 cr in IL&FS Tamil Nadu Power NPA account

The state-run bank has reported a fraud of Rs 2,060.14 crore in the NPA account of IL&FS Tamil Nadu Power Company (ITPCL) at Extra Large Corporate Branch, Delhi.

Punjab National Bank (PNB) informed that it has already made provisions amounting to Rs 824.06 crore as per prescribed prudential norms.

ITPCL is a SPV incorporated by IL&FS Group under the energy platform (i.e. IEDCL) for implementation of the Thermal Power Project ("Project"), at Cuddalore in Tamil Nadu. It is setting up 3180 MW thermal power plant in Kothattai, Ariyagoshti and Villianallur revenue villages of Chidambaram Taluk, Cuddalore District.

PNB's net profit surged 122.67% to Rs 1,126.78 crore on 4.41% decline in total income to Rs 22,026.02 crore in Q3 December 2021 over Q3 December 2020.

As on 31 December 2021, the Government of India held 73.15% in PNB. As at the end of September 2021, PNB had total 36,514 delivery channels with a network of 10,528 domestic branches, 2 International branches, 13,506 ATMs & 12,478 business correspondents.

Shares of PNB were up 0.14% at Rs 36.05 on the BSE.

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