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Announcement under Regulation 30 (LODR)-Newspaper Publication

| Updated on April 19, 2018 Published on April 19, 2018

With reference to media reports in the subject account, we submit as under:The Bank hereby clarifies that the subject account of M/s Surya Pharmaceuticals Pvt Ltd is an old case of Consortium advance with SBI as Consortium leader. The account turned NPA in 2011 with book outstanding of Rs.169 crore with our bank and 100% provision has already been made in the account. SBI the consortium leader has already filed a complaint with CBI for its own exposure to the party. After taking consent of remaining members P&S Bank being second largest lender in the account also filed a criminal complaint on 11.04.18. The exposure of Rs.621 crore mentioned in section of press is for consortium (excluding SBI) and share of P&S Bank is Rs169 crore.
Further, as per extant procedures, the Bank reported the fraud to RBI. The case has now been registered as per procedures. Since 100% exposure in this account has already been provided, as such there will be no additional impact on profitability of the Bank.

Pdf Link: Announcement under Regulation 30 (LODR)-Newspaper Publication

Source : BSE - www.bseindia.com

Published on April 19, 2018
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