Bank Laon Fraud: The Reserve Bank of India (RBI) was informed on Tuesday by the state-owned Punjab National Bank (PNB) that Gupta Power Infrastructure Ltd, located in Odisha, had perpetrated a fraud of Rs 270.57 crore.
According to a regulatory filing by PNB, the RBI has been notified of a loan scam of Rs 270.57 crore in the non-performing asset (NPA) account of Gupta Power Infrastructure Ltd.
The bank’s Station Square branch in Bhubaneswar handled the loan disbursement. The bank has already put aside Rs 270.57 crore in accordance with the prudential policy that has been established.
In the December quarter, PNB’s net profit more than quadrupled to Rs 4,508 crore, up from Rs 2,223 crore in the same period the previous year. According to a regulatory statement by PNB, the company’s overall revenue increased to Rs 34,752 crore from Rs 29,962 crore during the same period the previous year.
Compared to the same quarter last year, interest income increased to Rs 31,340 crore from Rs 27,288 crore. The bank’s overall non-performing assets ratio decreased from 6.24 percent to 4.09 percent in terms of asset quality.
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