PNB exposed to Rs 400 cr Zoom default?

State-owned Punjab National Bank today said that most of its exposure in real estate firm Zoom Developers, that defaulted on payment, is insured and initiatives are on to recover the loans. The bank has exposure to the tune of Rs 400 crore in Zoom Developers, of this Rs 250 crore is covered under insurance, Punjab National Bank Executive Director M V Tanksale said. The bank had taken insurance cover from Export Credit Guarantee Corporation of India Ltd (ECGC). At the same time PNB has declared this as NPA following the default by the company and requisite provisioning has been done, ...

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