PNB scam: Will honour bona fide commitments, says bank chief Sunil Mehta

The PNB chief also said Modi had come out with 'vague offers' to repay the amounts due and had not submitted a concrete plan

Punjab National Bank (PNB) Managing Director and Chief Executive Officer (CEO) Sunil Mehta on Thursday broke his silence on the Rs 114-billion alleged scam involving diamond merchant Nirav Modi and his maternal uncle Mehul Chinubhai Choksi, saying the public sector bank (PSB) would honour all genuine commitments to other banks.

The PNB chief also said Modi had come up with “vague offers” to repay the amounts due and had not submitted a concrete plan. He added the total exposure of the bank to the two groups of companies involved was around Rs 1.7 billion.

“We will come out of the