IDBI Bank has started proceedings to classify Ushdev International Ltd, a metals trader now in liquidation, as a fraud account. Its show-cause notice to the company could not be delivered, so the bank published it in a newspaper on Thursday.
The public notice was signed by Arun Kumar Verma, deputy general manager of IDBI’s NPA Management Group at its Cuffe Parade headquarters. It ran in Business Standard’s Mumbai edition on November 5. According to the notice, IDBI began the proceedings under the RBI (Commercial Banks – Fraud Risk Management) Directions, 2026, dated July 31, 2026. It issued a show-cause notice dated October 21, 2026, and that notice “has been returned/unserved.”
The notice was addressed to…