Lenders to troubled diamond jewellery exporter Winsome and Forever Precious Jewellery — both promoted by Jatin Mehta — have started classifying their Rs 8,000 crore exposure as a non-performing asset. These banks have made provisioning for the exposure in the first quarter of the financial year. Punjab National Bank, which has an exposure of Rs 1,650 crore to Winsome, has declared the loan as ‘sub-standard’ and has made a Rs 400 crore provision for it, bank’s CMD K R Kamath said while announcing the results. Two other public sector lenders - Central Bank of India and Bank of India - have also classified the loan as bad. While Bank of India has an exposure of Rs 250 crore and has made a provision of Rs 50 crore in the quarter ended June, Central Bank of India has an exposure of Rs 1,000 crore. Some other lenders which have exposure in the companies are IDBI Bank, Union Bank of India and Canara Bank. importantbankingnews.blogspot.in/2013/07/rs8000-crore-to-winsome-becomes-npa.html
Posted on: Sat, 27 Jul 2013 00:08:27 +0000
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