This report covers ‘PNBQ and UPIX’: PNB announced strong Q3 profits despite significant fraud, while Karnataka Bank addressed discrepancies in cross-border UPI transactions, resulting in reversals. So let’s learn about everything related to PNBQ and UPIX.
PNBQ: PNB Reports ₹270 Crore Fraud, But Q3 Profit Soars
NEW DELHI – Punjab National Bank (PNB) has disclosed a ₹270 crore fraud perpetrated by Gupta Power Infrastructure Limited, even as it announced a more than doubling of its net profit for the December quarter.
The fraudulent loan, amounting to ₹270.57 crore, was issued by PNB’s Station Square branch in Bhubaneswar, Odisha.
The bank has notified the Reserve Bank of India (RBI) and has already made the necessary provisions as per regulations.
Despite this setback, PNB reported a robust financial performance for the third quarter of the fiscal year.
Net profit surged to ₹4,508 crore, a significant jump from ₹2,223 crore during the same period last year.
The bank’s total income also saw substantial growth, rising to ₹34,752 crore from ₹29,962 crore a year ago.
PNB’s asset quality also improved, with the Gross Non-Performing Assets (GNPA) ratio declining to 4.09% from 6.24% a year ago.
UPIX: Karnataka Bank Flags Cross-Border UPI Transaction Issues
MANGALURU – Karnataka Bank Limited has encountered problems with cross-border Unified Payments Interface (UPI) transactions.
The bank, in conjunction with the RBI, has reversed ₹18.87 crore worth of UPI transactions originating from overseas, as these transactions could not be processed due to discrepancies.
Also, the irregularities were discovered during a review of suspicious cross-border UPI transactions conducted with the National Payments Corporation of India (NPCI). Further details regarding the nature of the discrepancies are awaited.
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