PNB reports Rs 270.57 crore loan fraud by Gupta Power Infrastructure

State-owned Punjab National Bank on Tuesday reported a fraud of Rs 270.57 crore by Odisha-based Gupta Power Infrastructure Ltd to the Reserve Bank. Borrowal fraud of Rs 270.57 crore has been reported to the Reserve Bank of India (RBI) in non-performing asset (NPA) account of Gupta Power Infrastructure Ltd, PNB said in a regulatory filing.

The loan was given by Station Square branch of the bank in Bhubaneswar, it said.

The bank has already made provisions amounting to Rs 270.57 crore, according to prescribed prudential norms.

For the December quarter, PNB posted more than two-fold jump in net profit to Rs 4,508 crore as against Rs 2,223 crore in the same quarter a year ago.

The company's total income increased to Rs 34,752 crore from Rs 29,962 crore in the same period a year ago, PNB said in a regulatory filing.

Interest income also rose to Rs 31,340 crore from Rs 27,288 crore in the same quarter a year ago.

On the asset quality front, the bank's gross non-performing assets ratio moderated to 4.09 per cent from 6.24 per cent a year ago.