Money & Banking

Punjab & Sind Bank declares Saptarishi Hotels a/c as fraud

Our Bureau Mumbai | Updated on April 04, 2020

Punjab & Sind Bank (PSB) on Saturday informed the exchanges that its exposure to Saptarishi Hotels Private Ltd involving a total amount of Rs 76.58 crore has been declared as fraud and reported to the Reserve Bank of India (RBI) as per regulatory requirement.

The public sector bank, in a regulatory filing with BSE, said the amount outstanding in the case of this account as on date of non-performing asset (NPA) -- April 30, 2016 -- was Rs.76.58 crore.

As per the filing, PSB is in the process of filing of Complaint/ FIR with Central Bureau of Investigation.

The Bank said it has made this disclosure in terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and having regard to its policy on determination and disclosures of material events.

Published on April 04, 2020

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