Punjab & Sind Bank declares loans worth ₹150 crore to IL&FS Transportation as fraud

Public sector lender Punjab & Sind Bank on Tuesday said it has declared the account of IL&FS Transportation Network Ltd (ITNL) with total dues of ₹149.98 crore as fraud.

The said account has been reported to the RBI.

It is informed that an NPA Account, viz IL&FS Transportation Network Limited (ITNL) with outstanding dues of ₹149.98 crore has been declared as fraud and reported to the RBI as per regulatory requirement, Punjab & Sind Bank said in a filing.

Further, it said, the account has been fully provided for as per the existing RBI norms.

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