Punjab and Sind Bank.. Image Source: IANS News

Mumbai, Jan 24 : State-run Punjab and Sind Bank on Friday said it has been defrauded of Rs 38.19 crore by Ranchi Expressway Ltd. The bank also said that it had already made provisions on this count to the tune of Rs 15.28 crore.

Last year, Punjab and Sind Bank (PSB) had reported Rs 238 crore fraud to the Reserve Bank of India (RBI) relating to allegations of diversion of funds by Bhushan Power and Steel Ltd.

"NPA (non-performing asset or bad loan) Account, namely M/s Ranchi Expressway with outstanding dues of Rs 38.19 crore has been declared as fraud and reported to RBI as per regulatory requirement. Bank has already made provisions amounting to Rs 15.28 crore, as per prescribed prudential norms," Punjab and Sind Bank said in a regulatory filing.

The bank's stock closed lower on Friday by 2.21 per cent at Rs 19.95 a share on the BSE.

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