Punjab & Sind Bank has been defrauded of Rs 38.19 crore by Ranchi Expressway. In regards the bank has reported fraud with Reserve Bank of India (RBI). The bank had already made provisions on this count to the tune of Rs 15.28 crore.
Last year, the bank had reported Rs 238 crore fraud to the RBI relating to allegations of diversion of funds by Bhushan Power and Steel.
Punjab & Sind Bank’s primary business is taking deposits, and making advances and investments, and is principally divided into retail banking, corporate banking, priority sector banking, treasury operations and other banking services such as agency functions for insurance, distribution of mutual funds and pension and tax collection services.
