$226 million

Amount Punjab National Bank has set aside for Dewan Housing-linked fraud

Punjab National Bank, India’s second-largest state-run lender that has been hit by a slew of recent scandals, yesterday said it has set aside provisions of about Rs17 billion (Dh833 million, $226 million) for a fraud linked to a bankrupt shadow financier.

The bank had on Thursday reported the Rs36.9 billion fraud in the accounts of Dewan Housing Finance Corp. At the time it had said it provided Rs12.5 billion, and then revised the figure in a Friday filing.

Dewan Housing is a financier seized by the regulator in November as India stepped up efforts to contain a brewing shadow banking crisis.