Exposure to Transstroy India account at Rs 678.28 crore, clarifies Canara Bank

Canara Bank has clarified that it has an exposure of Rs 678.28 crore to the account of Transstroy India, reported as fraud to the RBI on 10.02.2020, where 100% provision has been made in the account. Transstroy India was enjoying limits from various banks under multiple banking arrangements from 2001.

Subsequently, a consortium with Canara Bank as a leader and 13 other banks was formed in 2013 and the total limit sanctioned was `4,765.70crore and the share of Canara Bank was Rs 678.28 crore