Punjab & Sind Bank has reported fraud of Rs 112.42 crore in two NPA accounts of Maha Associated Hotels and Edyar Zinc. The bank has reported the fraud to the Reserve Bank of India and is in the process of filing complaints with the Central Bureau of Investigation. At present, the case of Maha Associated Hotels is pending at NCLT.
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.
