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

Capital Market 

The state-run bank announced that an NPA account, via. IL&FS Financial Services (IFIN) with outstanding dues of Rs 561.13 crore has been declared as fraud and reported to Reserve Bank of India.

The bank has already made 100% provisioning as per the prescribed prudential norms and account is technically written off. The announcement was made after market hours on Friday, 23 October 2020.

Punjab & Sind Bank reported net loss of Rs 116.89 crore in Q1 June 2020 compared with net loss of Rs 30.28 crore in Q1 June 2019. Total income declined 12.7% to Rs 1,954.39 crore in Q1 June 2020 over Q1 June 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 30 September 2020, the Government of India held 83.06% stake in the bank.

Shares of Punjab & Sind Bank fell 0.83% to Rs 10.80 on BSE. The scrip has jumped 17.39% from its 52-week low of Rs 9.20 hit on 23 March 2020.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, October 26 2020. 09:53 IST