IDBI had Made 100% Provisions for Old Pisciculture Loans Given During 2009-13

MUMBAI:
This is with reference to the recent media reports/ stories surfacing on ‘IDBI Bank discloses Rs 772 cr pisciculture loan fraud’.
The Bank would like to reiterate that the Pisciculture loans fraud is not a new case. It was detected and disclosed in 2013. It was reported to and duly filed with Reserve Bank of India through fraud monitoring report in 2013.
The bank would like to reiterate that all the Pisciculture loans identified as fraudulent have been fully provided for and there will be no further impact on the profitability/balance sheet of the Bank. The Bank continues to pursue all legal actions to recover dues from the borrowers and has taken action against the erring officers.