IDBI Bank found major lapses in processing and disbursing loans by two of its officials. Photo: MintIDBI Bank Ltd said on Tuesday that fraudulent loans of Rs772 crore ($118.8 million) were issued from five of its branches in Andhra Pradesh and Telangana, sending its shares lower on Wednesday. The company found major lapses in processing and disbursing the loans by two of its officials. The bank said earlier on Tuesday it initiated a quality assurance audit, expected to be completed by April. At 11.50am, IDBI shares were trading 1.90% at Rs74.80 on BSE, while the Sensex was down 0.41% at 33,038.07 points.

Source: Mint March 28, 2018 06:22 UTC