Overview
- The bank notified the RBI in a regulatory filing, detailing Rs 1,240.94 crore tied to SEFL and Rs 1,193.06 crore to SIFL.
- PNB said it has made 100% provisions for the entire amount, indicating no fresh impact on earnings.
- The fraud classification follows forensic-audit findings reported to include related-party siphoning and loan evergreening.
- The RBI had superseded the boards of the two NBFCs in October 2021 over governance lapses after large repayment defaults.
- NCLT approved NARCL’s resolution plan in August 2023 and the acquisition closed in December 2023, distancing current management from the alleged actions of the erstwhile promoters.