Punjab & Sind Bank has reported fraud of Rs 41.24 crore in the non-performing asset (NPA) account of Edyar Zinc. The bank has reported this to RBI as per regulatory requirement. Further, the account has been fully provided for as per existing RBI norms. The bank is in the process of filing of Complaint/ FIR with Central Bureau of Investigation (CBI).
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.
