You are here: Home » Finance » News » Banks
Business Standard

Don't believe rumours, your money is safe with us: PNB to customers

has come out with a detailed set of FAQs to address concerns of customers in the wake of the recent fraud

Press Trust of India  |  New Delhi 

Punjab National bank, PNB
Punjab National Bank

Facing heat over nearly Rs 130 billion scam, on Monday said money of customers is safe and asserted that there would be towards unethical practices.

Urging customers not to believe in any rumours, the assured that they can withdraw or deposit their money anytime.

The lender has come out with a detailed set of FAQs (Frequently Asked Questions) seeking to address concerns of customers in the wake of the recent fraud.

"In there is towards unethical practices within the system. That is why the minute the became aware about discrepancies related to the incident, the fraudulent transactions were immediately reported to the regulator and the agencies," it said.

said it has reached out to other affected and apprised them of the developments.

On February 14, informed exchanges about a fraud to the tune of Rs 114 billion involving Nirav Modi, his family and uncle of

The fraud amount after further probe by the bank now stands at nearly Rs 130 billion.

The Modi-Choksi duo managed to generate fake LoUs in connivance with a few bank officials and presented the same to other Indian overseas to avail credit facilities outside

As many as 30 are affected due to this fraud including SBI, Union Bank, Allahabad Bank, ICICI Bank, among others.

As a fallout of the fraud, touted as the biggest in the Indian history, Reserve Bank asked lenders last month to discontinue issuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for trade credits.

Further, PNB said it has undertaken measures to strengthen internal audit control mechanisms and looking at to enhance customer service and customer responsiveness including automating customer response mechanism.

In response to query on what action has been taken by the bank against its employees involved in the fraud, PNB said the bank is committed to ensuring that no one, irrespective of their level, is spared.

Regarding a query on safety of customer's money, PNB said with a strong balance sheet of Rs 11 trillion and sufficient non-core assets, it is capable to meet any contingent liability on the bank and "your money is safe with us".

The bank registered the case with CBI in February itself. Besides, the is probing the matter at its level.

First Published: Mon, April 02 2018. 21:51 IST