New ED takes charge at PNB

State-owned Punjab National Bank (PNB) Tuesday said Agyey Kumar Azad has taken charge as executive director of the bank.

Prior to joining PNB, he was general manager in Bank of India.

Azad with 33 years of experience has worked in various departments, including overseas operations.

With his taking charge, the bank has now two EDs while one vacancy is still left.

Last week, the government sacked two executive directors of Nirav Modi scam-hit PNB for their alleged failure in exercising proper control over the functioning of the bank.

Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB of about Rs 14,000 crore through issuance of fraudulent letters of undertaking. A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Modi since March 2011.