InvestorQ : What is the recent fraud by Sintex that PNB has reported?
Angel dcosta made post

What is the recent fraud by Sintex that PNB has reported?

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Juvina Maggie answered.
4 weeks ago


In a season when banks have been hit by a number of problems, the latest is another fraud allegedly perpetrated by Sintex Industries with respect to a loan of Rs.1204 crore taken from Punjab National Bank. This was reported by PNB to the RBI as a borrowal fraud.

In the current quarter, the bank has already made provisions amounting to Rs.215 crore, which is essential under the extant prudential norms. In the event of fraud hit accounts, banks are required to make provisions for the full 100% of the amount outstanding.