A man checks his mobile phones in front of State Bank of India (SBI) branch in Kolkata on February 9, 2018. (REUTERS File Photo)
Bengaluru, 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 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.
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