Within PNB Gupta Power Infrastructure – the Fraud of ₹270.57 Crore at Risk!
Odisha’s Gupta Power Infrastructure Ltd. was accused of perpetrating a phenomenal fraud against Punjab National Bank (PNB) for ₹270.57 crores. It has already established matters with the Reserve Bank of India formally while also making all kinds of disclosures to the stock market about its financial disarray.
How the fraudulent money amounted to ₹270.57 crore
Fraud has its source in PNB’s Station Square, Bhubaneswar branch.
After the huge sanctioned loan, discrepancies came up.
The PNB has flagged the scam and filed a case with the RBI for regulatory action.
Already made for provisions for the financial loss to be absorbed.
Despite this, PNB has maintained a healthy position financially with profit and reduced non-performing assets (NPA) levels.
Finances of PNB – Growth Amidst Crisis
Nevertheless, the financial position is well-maintained for PNB, even as the banking sector is shuddering under this mishap.
PNB Key Financials- Q3FY2024-25:
1. Net profit more than doubled – ₹4,508 crore as compared to ₹2,223 crore a year ago.
2. Revenues: 34,752 crore versus 29,963 crore in Q3 2023-24.
3. NPAs showed improvement as the ratio declined to 4.09% from 6.24,
What is in Store for PNB?
Increased measures against fraud detection have been further consolidated with the help of RBI for this purpose in order to achieve the desired tighter compliance with the regulations.
Karnataka Bank Flags Suspicious UPI Transactions of ₹18.87 Crores
UPI Global Transactions under the Scanner
Another banking scam came to the fore when Karnataka Bank discovered ₹18.87 crores in suspicious UPI Global transactions eventually credited back to customer accounts.
The reasons for reversals are as follows on the transactions from Karnataka Bank:
- Considered cross-border payments to be of high risk.
- Technical scrutiny of the UPI Global transactions revealed system vulnerabilities, according to NPCI (National Payments Corporation of India).
- Immediate work from Karnataka Bank protects customer funds.
Regulatory action is in progress under RBI!
Karnataka Bank now has:
- Enhanced internal fraud detection systems.
- Amplified transaction monitoring regarding UPI Global.
- Additional security layers adopted against reoccurrence.
What This Means for You: Banking Sector Under Scrutiny
The Indian banking system tightens the screws on safe transactions while it seeks to maximize the safety offered to customers. That is where PNB flourishes, but fraud cases such as these underscore the importance of strong regulatory oversight.
Become aware! Prepare to be safe! More often, check transactions and know your bank statements about any inconsistency.