In reference to various media reports in the subject account, Oriental Bank of Commerce has clarified that the subject account of Bank is an old case which turned NPA on 26.09.2016 and was reported to RBI and CBI on 21.09.2016 and 27.09.2016, respectively. The modified complaint to CBI was filed on 10.08.2017. The case has now been registered as per procedures. The total exposure in the account has been fully provided and there will be no material impact on the profitability of the Bank. Further, the operating procedures for SWIFT related transactions have since been strengthened as per regulatory guidelines.
The above information is a part of company’s filings submitted to BSE.
