Punjab & Sind Bank declares SREI group’s outstanding dues as fraud

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Punjab & Sind Bank has announced that the NPA Accounts, viz. M/s SREI Infrastructure Finance Limited (SIFL) with outstanding dues of Rs.510.16 crore and M/s SREI Equipment Finance Limited (SEFL) with outstanding dues of Rs. 724.18 crore have been declared as fraud and reported to RBI today as per regulatory requirement. Further, the accounts have been fully provided for as per prescribed prudential norms.