Punjab & Sind Bank has declared SREI Infrastructure Finance and SREI Equipment Finance accounts as fraud. Both the companies facing insolvency proceedings are non-performing assets (NPAs).
The NPA accounts- SREI Infrastructure Finance (SIFL) with outstanding dues of Rs 510.16 crore and SREI Equipment Finance (SEFL) with outstanding dues of Rs 724.18 crore have been declared as fraud and reported to RBI as per regulatory requirement.
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.
