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The financial institution additionally acknowledged that it had totally offered for Lanco Infratech.
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 at the moment as per regulatory requirement,” the lender stated .
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The financial institution additionally acknowledged that it had totally offered for Lanco Infratech. If an account is said fraud, banks have to put aside 100% of the excellent loans as provisions, both in a single go or unfold over 4 quarters, based on RBI.
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