March 13, 2018 / 2:59 PM / 2 months ago

BRIEF-India's PNB Says Adds 9.42 Bln Rupees To Fraud Amount After Recalling Gitanjali Credit Limit

March 13 (Reuters) - India’s Punjab National Bank:

* SAYS 9.42 BILLION RUPEES “NOT NEW FRAUD BUT RECALL OF CREDIT LIMITS”

* PNB SAYS 9.42 BILLION RUPEES WAS REGULAR LIMIT SANCTIONED TO GITANJALI GROUP UNDER CONSORTIUM LENDING, WAS STANDARD CREDIT EXPOSURE AT TIME OF DETECTION OF FRAUD

* PNB SAYS NOW THIS EXPOSURE IS BEING ADDED TO THE EXISTING FRAUDULENT AMOUNT

* PNB SAYS 9.42 BILLION RUPEES AMOUNT “HAS NOTHING TO DO” WITH ANY NEW FRAUDULENT LOUS/LOCS Source text for Eikon: [PNB clarification: The amount of Rs 942 cr were the regular limits sanctioned to Gitanjali Group under consortium lending, and were standard credit exposure at the time of detection of the fraud. Now, this exposure is being added to the existing fraudulent amount. This amount has nothing to do with any new fraudulent LoUs/LoCs] Further company coverage: (Mumbai newsroom)

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