PSBs may take Rs 6,000cr hit on Sintex fraud

Public sector banks face a hit of close to Rs 6,000 crore on account of their exposure to Sintex Industries which has been classified as a fraud by Punjab National Bank, the large lender to the company. Although banks have already classified the account as a non-performing asset, they will now have to make full provision for the loan within four quarters which is the requirement for fraud accounts.

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