New Delhi: Public sector banks have been in the news in recent times due to their poor financial health and large defaults. State-run banks have taken another hit. This default has been called one of the biggest bank defaults in recent months. A consortium of 14 state-run banks has started the process of recovering about Rs 3,635.25 crore of debt from Mumbai-based Default Frottle International Limited, led by Bank of India.

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This chatter is being compared to absconding diamond merchants Nirav Modi, Mehul Choksi and Sterling Boiling Group, who have taken a loan from the bank and didn't pay it off. Apart from Bank of India, other banks of the banking union are Bank of Baroda, Canara Bank, Central Bank of India, Andhra Bank, Oriental Bank of Commerce, Punjab National Bank, Syndicate Bank, Union Bank of India Indian Overseas Bank, UCO Bank, Vijaya Bank, Allahabad Bank and United Bank of India.

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Only two banks, Bank of India and Bank of Baroda alone, owed Rs 606.17 crore and Rs 526.05 crore respectively. The outstanding rest on Frost International, an unlisted company. Andhra Bank has the least outstanding dues, this bank owes Rs 47.85 crore, while other banks owe Rs 100 crore within the Rs 390 crore limit. The consortium of banks has given defaulters 60 days.

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