Industry

NPA account of Saravana Stores declared as fraud: Indian Bank

Indian Bank on Wednesday said it had declared the NPA account of Saravana Stores with an outstanding balance of ₹231 crore as ‘fraud’.

“We have to inform that non-performing account [NPA] Saravana Stores [Gold Palace] has been declared as fraud and reported to RBI as per regulatory requirement,” Indian Bank said in a regulatory filing.

The nature of the fraud is in the form of diversion of funds, the public sector lender said, adding that the outstanding balance on Saravana Stores stood at ₹230.74 crore.

The bank has held provision to the tune of ₹115.32 crore against this as of December 31, 2020, it said.


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Printable version | Jun 24, 2021 3:32:51 AM | https://www.thehindu.com/business/Industry/npa-account-of-saravana-stores-declared-as-fraud-indian-bank/article34493205.ece

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