Brief: India's PNB Says Adds 9.42 Bln Rupees To Fraud Amount After Recalling Gitanjali Credit Limit

Gitanjali Gems

13/03/2018 14:48

March 13 (Reuters) - India's Punjab National Bank  PNBK.NS :
    * SAYS 9.42 BILLION RUPEES "NOT NEW FRAUD BUT RECALL OF
CREDIT
LIMITS"
    * PNB SAYS 9.42 BILLION RUPEES WAS REGULAR LIMIT SANCTIONED
TO
GITANJALI GROUP UNDER CONSORTIUM LENDING, WAS STANDARD CREDIT
EXPOSURE AT TIME OF DETECTION OF FRAUD
    * PNB SAYS NOW THIS EXPOSURE IS BEING ADDED TO THE EXISTING
FRAUDULENT AMOUNT
    * PNB SAYS 9.42 BILLION RUPEES AMOUNT "HAS NOTHING TO DO"
WITH ANY
NEW FRAUDULENT LOUS/LOCS

Source text for Eikon: [PNB clarification: The amount of Rs 942
cr were the regular limits sanctioned to Gitanjali Group under
consortium lending, and were standard credit exposure at the
time of detection of the fraud. Now, this exposure is being
added to the existing fraudulent amount. This amount has nothing
to do with any new fraudulent LoUs/LoCs]
Further company coverage:  PNBK.NS 

 (Mumbai newsroom)
 ((devidutta.tripathy@thomsonreuters.com;))