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Home Banking Finance Punjab and Sind Bank reviews account of IL&FS Financial Services (IFIN) as...

Punjab and Sind Bank reviews account of IL&FS Financial Services (IFIN) as fraud account to RBI

New Delhi: Punjab and Sind Bank on Friday stated it has reported to the Reserve Bank of India (RBI) the account of IL&FS Financial Services (IFIN) as fraud with excellent dues of over Rs 561 crore. The NPA account, IL&FS Financial Services, with excellent dues of Rs 561.13 crore has been declared as fraud and reported to the RBI as per the regulatory requirement, the financial institution stated in a regulatory submitting.

“Further, the bank has already made 100 per cent provisioning as per the prescribed prudential norms and the account is technically written off,” it added.

The rip-off on the IL&FS group got here to mild in September 2018 after a number of group entities defaulted on repayments on account of extreme liquidity issues. Later, the federal government outmoded the board of administrators to revive the ailing group.

IFIN, which has been discovered to be funding its personal revenues for a number of years, was the primary supply of funds for the IL&FS group entities. The group had accrued a debt burden of over Rs 90,000 crore.

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