Rs 864 Million Fraud Reported By Punjab & Sindh Bank to BSE

In another shocking news from the financial sector, Punjab & Sindh Bank reported a huge financial fraud of Rs 864 Million to RBI under SEBI's guidelines. The following is the key excerpt from the exchange filing by Punjab & Sind Bank to BSE: A non-performing asset account, Golden Jubilee Hotels Pvt Ltd, with outstanding dues of Rupees 864.00 Million has been declared as fraud and been reported to the Reserve Bank of India as per regulatory requirement

The bank has made 100% provision against the account On Friday, shares of Punjab & Sind Bank closed 5.9% higher at 16.15 rupees on the National Stock Exchange.