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Allahabad Bank reports borrowal fraud of its exposure in SEL Manufacturing

18 Jul 2019 Evaluate

Allahabad Bank has reported borrowal fraud of bank’s exposure in SEL Manufacturing (SELM) involving a total amount of Rs 688.27 crore. The bank has fully provided for this Non Performing Account, viz. SEL Manufacturing (SELM) with outstanding dues of Rs 688.27 crore for which NCLT proceedings are in progress, has also been declared as fraud and reported to RBI as per regulatory requirement.

Allahabad Bank is a nationalised bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.

Peers
Company Name CMP
State Bank Of India 961.70
PNB 116.10
Bank Of Baroda 230.00
Canara Bank 118.60
Union Bank Of India 172.00
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