Home >Industry >Banking >Indian Bank declares two NPA accounts worth 300 cr as fraud, reports to RBI
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Public lender Indian Bank has informed the exchanges that it has declared two non performing asset (NPA) accounts worth over 300 crore as fraud and reported them to the Reserve Bank of India (RBI).

"In terms of Sebi regulations and having regard to the Bank's policy on determination and disclosures of material events/information, we have to inform you that two NPAs accounts have been declared as fraud and reported to RBI as per regulatory requirement," Indian Bank said in a filing.

The NPA accounts, related to Kiratpur Ner Chowk Expressway Ltd and Tantia Constructions Ltd, are worth 172.73 crore and 132.41 crore respectively.

The nature of fraud in both the cases has been defined as "Diversion of funds" by the lender.

On Thursday, Indian Bank's scrip closed flat at 131.95 on NSE.

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