• Source:JND
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Bank Laon Fraud: State-owned Punjab National Bank (PNB) on Tuesday reported to the Reserve Bank of India (RBI) that Odisha-based Gupta Power Infrastructure Ltd committed a fraud of Rs 270.57 crore.

A loan fraud of Rs 270.57 crore in the non-performing asset (NPA) account of Gupta Power Infrastructure Ltd has reported to RBI, PNB said in a regulatory filing.

The loan was disbursed through the bank's Station Square branch in Bhubaneswar. As per the prescribed prudential policy, the bank has already set aside Rs 270.57 crore.

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PNB's net profit more than doubled to Rs 4,508 crore in the December quarter, from Rs 2,223 crore in the same quarter last year. The company's total income rose to Rs 34,752 crore from Rs 29,962 crore in the same period last year, PNB said in a regulatory filing.

Interest income rose to Rs 31,340 crore from Rs 27,288 crore in the same quarter last year. In terms of asset quality, the bank's total non-performing assets ratio declined to 4.09 percent from 6.24 percent a year ago.

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(With Inputs From PTI)