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Chennai-headquartered public sector Indian Bank has announced that it fully provided Non-Performing Accounts of two companies of Pratibha Group namely, Pratibha Industries and FEMC-Pratibha joint venture, with total outstanding dues of ₹574.66 crore has been declared as fraud and reported to RBI as per regulatory requirement.
The Bank has already made full provision of ₹574.66 crore against the aforesaid two accounts, the bank informed the stock exchanges.
Last week, the bank said it fully provided for IL&FS Financial Services Ltd with outstanding dues of ₹2408.00 crore has been declared as fraud and reported to RBI as per regulatory requirement.
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