March 1, 2019 / 1:34 PM / 3 months ago

State Bank of India reports frauds of $1.12 bln in April-December of FY19

March 1 (Reuters) - State Bank of India (SBI) said on Friday it had reported frauds amounting 79.51 billion rupees ($1.12 billion) 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 here 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. ($1 = 70.8730 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu)

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