BANK NEWS
PNB reports 36.89 billion rupees DHFL loans as fraud
Mumbai: July 9 (Reuters) - Punjab National Bank said on Thursday it had reported loans made to Dewan Housing Finance Corporation Ltd worth 36.89 billion rupees ($491 million) to India’s central bank as “fraud.”
Indian state-owned lender PNB, which was hit by a $2 billion fraud involving billionaire Nirav Modi in 2018, had already set aside 12.5 billion rupees in provisions for the loans to DHFL, which is in bankruptcy proceedings.
Indian banking regulations require the provision on an account affected by fraud to be 100%, made over four quarters.
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