Summary:
Punjab National Bank on Thursday reported a loan fraud of Rs 3,688.58 crore in the account of Dewan Housing Finance Corporation.
In a regulatory filing after market hours, the country`s third largest public sector bank, PNB, said the fraud in the non-performing asset account of DHFL "at Large Corporate Branch" in Mumbai was reported to the Reserve Bank of India (RBI).
This is the fourth scandal Punjab National Bank has reported in three years.
Non-banking financial company Dewan Housing Finance is in bankruptcy proceedings.
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New Delhi: Punjab National Bank on Thursday reported a loan fraud of Rs 3,688.58 crore in the account of Dewan Housing Finance Corporation.
In a regulatory filing after market hours, the country`s third largest public sector bank, PNB, said the fraud in the non-performing asset account of DHFL "at Large Corporate Branch" in Mumbai was reported to the Reserve Bank of India (RBI).
This is the fourth scandal Punjab National Bank has reported in three years.
Non-banking financial company Dewan Housing Finance is in bankruptcy proceedings.
Punjab National Bank said it had already made provisions of Rs 1,246.58 crore pertaining to the incident.
State-run Punjab National Bank was hit by a Rs 11,300-crore fraud involving billionaire jeweller Nirav Modi in 2018.
Banking regulations require the provision on an account affected by fraud to be 100 per cent, made over four quarters.