Indian Bank has reported three non-performing accounts, including IL&FS Tamil Nadu Power, as fraud to the RBI and the public sector lender has a combined exposure of over Rs 362 crore to these companies. Three non-performing accounts have been declared as fraud and have been reported to the Reserve Bank of India (RBI) as per regulatory requirement. The nature of fraud comes in the form of diversion of funds in all these cases.
IL&FS Tamil Nadu Power has a fraud amount of Rs 320.34 crore against the bank, followed by Amico Textiles at Rs 30.98 crore and Sarbamangala Agro Products of Rs 11.26 crore. The bank has made provisions of up to 100 per cent in all these three fraud accounts as of March 31, 2022.
Indian Bank was established as a part of the Swadeshi movement. The Bank provides a wide spectrum of banking products and services.
