The state-run bank informed on Tuesday that the NPA account IL&FS Transportation Network (ITNL) with outstanding dues of Rs 149.98 crore has been declared as fraud.
The bank said it has reported it to the RBI on Tuesday as per regulatory requirement. The account has been fully provided for as per existing RBI norms, the bank said.Shares of Punjab & Sind Bank hit an upper circuit of 5% at Rs 17.60 on BSE.
On a standalone basis, Punjab & Sind Bank reported a net loss of Rs 2,375.53 crore in Q3 December 2021 as compared with a net loss of Rs 255.49 crore in Q3 December 2020. Net sales declined 4.5% to Rs 1,982.52 crore in Q3 December 2020 over Q3 December 2019.
The PSU lender's business segments include treasury operations, corporate/wholesale banking, retail banking and other banking operations. The bank offers international banking and domestic banking services.
As of 31 December 2020, the Government of India held 83.06% stake while Life Insuarnce Corporation of India held 5.99% stake in the bank.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app