Punjab National Bank to provide Rs 35 billion for fraud loss last year

Punjab National Bank (PNB) will make a provision in its 2017-18 balance sheet for a fourth of the Rs 140 billion estimated in losses from the alleged fraud linked to companies led by jewellers Nirav Modi and Mehul Choksi.

The Delhi-based lender’s board of directors is to meet here on Tuesday to approve the annual financial results.

The announcement of the results is set to be a low-key affair; a press conference is unlikely, in a departure from the past. The board also met on Monday and “took up routine matters,” a senior executive said.

On Monday, Executive Directors Sanjiv Sharan and K