Punjab & Sind Bank declares NPA account Fairdeal Supplies as fraud

State-owned Punjab & Sind Bank on Friday said it has declared NPA account Fairdeal Supplies Ltd as a fraud and has reported the matter to the Reserve Bank of India.

"It is informed that an NPA (non-performing account) account, Fairdeal Supplies Ltd with outstanding dues of Rs 40.49 crore has been declared as fraud and reported to RBI as per regulatory requirement," it said in a regulatory filing.

The bank is in the process of filing of a complaint or FIR with the Central Bureau of Investigation, it said.