Head Lines
    Headlines
  • Telangana Assembly passes TSRTC merger Bill
  • 'Money Heist'-Inspired Cyber Criminals Arrested For Conning Noida Businessman
  • SC to monitor cases of crime against women in Manipur
  • Veg thali cost surges 28% in July amid soaring food prices
  • IIM Lucknow launches executive programme in AI for Business
  • Govt to open research park at top educational institutions to promote science & tech
  • US to send Ukraine first $200 million of arms freed by $6.2 billion 'error'
  • Reliance Retail says it is set to lead the retail industry in the coming decade
  • Karnataka High Court accepts petition challenging provisions of Real Estate Regulatory Act
  • ‘I’m doing this for Pewdiepie’: MrBeast challenges T-Series, will fight to become YouTuber with maximum subscribers
Indian Bank declares Saravana Stores account as fraud
Post by Admin on Saturday, May 08, 2021 0 comments | 0 TightSlaps

"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.

 

State-owned Indian Bank on Wednesday said it has declared the NPA account of Saravana Stores with an outstanding balance of Rs 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, said the lender, adding the outstanding balance on Saravana stood at Rs 230.74 crore.

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

Saravana Stores is a Tamil Nadu-based jewellery showroom group.

 

comments

No Comments Till Now.

Other categories

Recent Comments
More

Tight Slap © 2015 All rights reserved | Powered by Topnotch

Write Your Story