Punjab & Sind Bank declares Sintex Industries account as fraud

State-owned Punjab & Sind Bank on Thursday said it has declared the account of Sintex Industries with the total outstanding of Rs 294 crore as fraud and reported the same to the RBI.

With regard to the bank’s policy on determination and disclosures of material events, it is informed that an NPA account Sintex Industries Ltd with outstanding dues of Rs 294.49 crore has been declared as fraud, the Bank said in a regulatory filing.

The lender said it has made provisioning of Rs 147.25 crore against this fraud account.

It has been reported to the Reserve Bank of India (RBI) today as per regulatory requirement, Punjab & Sind Bank said.

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