Scam-hit PNB will return to normalcy within six months, assures MD

Passports of Nirav Modi and Mehul Choksi suspended for four weeks

Punjab National Bank Managing Director and Chief Executive Officer Sunil Mehta said on Friday normalcy would be restored at the scam-hit public sector bank within six months. He said the bank would not slip under the Reserve Bank of India’s prompt corrective action (PCA) even if it had to absorb the full liability of Rs 114 billion involved in the latest banking scam, in which letters of undertaking (LoUs) were fraudulently issued by PNB staff to the companies run by Nirav Modi, the prime accused in the case.