Another Scam Hits PNB, This Time Amount Is Rs.2060 Cr - Viral Bake
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Another Scam Hits PNB, This Time Amount Is Rs.2060 Cr

PNB Hits By Rs.2060 Cr Scam

Public Sector Bank PNB has reported a fraud of worth Rs.2000 cr in the form of borrowings in the NPA (Non-Performing Asset) account of IL&FS Tamil Nadu Power. This incident has taken place in the Extra Large Corporate Branch located in Delhi Zonal Office. Bank stated, “A fraud of Rs 2,060.14 crore is being reported by the bank to the RBI in the accounts of the company.”

The bank was already fighting the disgraceful case of Nirav Modi Scam. Further PNB said “The bank has already made provisions amounting to Rs 824.06 crore, as per prescribed prudential norms.”

PNB Hits By Rs.2060 Cr Scam

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As Per Punjab & Sind Bank

PNB

On February 15, the Punjab & Sind Bank had also declared the IL&FS Tamil Nadu Power as a bad asset or invaluable asset. Bank said the company has over dues of Rs.148 Cr and reported afterward to the Reserve Bank of India. As per the bank’s policy, PNB said it has considered this non-performing asset as a fraud account. Bank reports in regulatory filling that “It is informed that an NPA account, viz IL&FS Tamil Nadu Power Company Ltd with outstanding dues of Rs 148.86 crore has been declared as fraud and reported to RBI today as per regulatory requirement.”

IL&FS Tamil Nadu Power is set up by “Infrastructure Leasing & Financial Services Ltd (IL&FS)” for executing the thermal power projects in Tamil Nadu

As the guidlines of RBI says, lenders can recognise such stress in loan accounts immediately by categorising such assets as SMA or Special Mention Accounts.

“SMA 0 categories, as per the RBI, will be treated as default case fit for resolution if the principal or interest payment or any other amount is wholly or partly overdue between 0-30 days. SMA-1 Categories are for those defaulters who will be taken to Insolvency and Bankruptcy Code (IBC) if the principal or interest payment or any other amount is wholly or partly overdue between 31-60 days. SMA-3 Category defaulters will be forwarded with a National Company Law Tribunal (NCLT) case if the payment is not made between 61-90 days.”

Rishabh Sharma

Rishabh is an experienced content writer and editor, he is working for Viralbake to cover a diversified range of categories. His articles mainly focus on providing information, being a travel guide, educating others, and also making people aware of technology, after all, he is a technophile. When not writing he can be found gaming, watching movies, and travelling.

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