Punjab National Bank (PNB) has disclosed details regarding borrower fraud accounts as per regulatory requirements. The reported frauds involve SREI Equipment Finance Ltd (SEFL) with a reported amount of ₹1240.94 crores and SREI Infrastructure Finance Ltd (SIFL) with ₹1193.06 crores. The bank has made provisions for 100% of the outstanding amounts. These companies have undergone Corporate Insolvency Resolution Process (CIRP).
Disclosure of Borrower Fraud
Punjab National Bank has disclosed details of borrower fraud as per applicable regulations. The disclosure pertains to accounts that have been identified as fraudulent and reported to the RBI. The bank has taken necessary steps and made provisions as required.
Details of Reported Fraud
The specific accounts involved in the reported fraud are:
- SREI Equipment Finance Ltd (SEFL): Amount of borrower fraud reported is ₹1240.94 crores.
- SREI Infrastructure Finance Ltd (SIFL): Amount of borrower fraud reported is ₹1193.06 crores.
For both accounts, the provisions made cover 100% of the entire outstanding amount.
Resolution Process
The above-mentioned companies, SREI Equipment Finance Ltd (SEFL) and SREI Infrastructure Finance Ltd (SIFL), have been successfully resolved under the Corporate Insolvency Resolution Process (CIRP) by the Hon’ble NCLT.
Source: BSE
