Punjab & Sind Bank has declared Lanco Infratech as a fraud account. The NPA account, Lanco Infratech, with outstanding dues of Rs 215.17 crore has been declared as fraud and reported to RBI. Further, the account has been fully provided for as per existing RBI norms. Lanco Infratech is among the first 12 accounts that were listed by RBI for corporate insolvency resolution.
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.
