Indian Bank registers 3 non-performing accounts as fraud

The Indian Bank reported three non-performing accounts including IL&FS Tamil Nadu Power Ltd, as fraud to the RBI and the public sector lender has a combined exposure of over 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 a regulatory requirement, Indian Bank said in a BSE filing.

The bank said that the nature of fraud comes in the form of diversion of funds in all of 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 said it made provisions of up to 100 per cent in all three fraud accounts as of March 31, 2022.