Public sector lender Punjab & Sind Financial institution has declared Lanco Infratech as ‘fraud’ account, the financial institution stated in a regulatory submitting on Wednesday.
The financial institution has an publicity of Rs 215 crore in the direction of Lanco Indratech. “It’s knowledgeable that an NPA account Lanco Infratech Restricted with excellent dues of Rs 215.17 crore has been declared as fraud and reported to RBI right this moment as per regulatory requirement,” the lender stated .
The financial institution additionally said that it had totally supplied for Lanco Infratech. If an account is said fraud, banks must put aside 100% of the excellent loans as provisions, both in a single go or unfold over 4 quarters, in accordance with RBI.