March 19, 2019 Latest News Aggregator

SBI Reports Frauds Of Rs. 7,951 Crore In April-December Of FY19

State Bank of India (SBI) said on Friday it had reported frauds amounting Rs. 7,951 crore during the first nine months of fiscal 2019, mainly due to frauds declared in some large-value accounts.

SBI, the country’s largest lender by assets, said all those accounts became non-performing assets “much earlier” and that most of the portfolio was already provided for with full provision.

The resolution process for recovery is on via various debt recovery regulatory bodies, the lender added.

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