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PNB appoints A K Pradhan as Group Chief Risk Officer

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Press Trust of India New Delhi
Hit by nearly Rs 12,700 crore fraud, Punjab National Bank (PNB) today appointed its general manager A K Pradhan as the Group Chief Risk Officer.

"The exchange is hereby informed that A K Pradhan, General Manager, has been appointed as Group Chief Risk Officer," PNB said a regulatory filing.

The state-owned lender however did not disclose the functions and responsibilities of the Group Chief Risk Officer.

PNB last night said that the amount of fraud in he Nirav Modi case can go up to Rs 12,700 crore as against the earlier estimate of Rs 11,400 crore.

On February 14, PNB had detected the fraud wherein billionaire jeweller Nirav Modi and associates allegedly cheated the bank by acquiring fraudulent letters of undertaking (LoUs) from one of its branches for overseas credit from other Indian lenders.

Earlier in the day, the finance ministry had asked all the state-owned banks to scrutinise all their non-performing accounts (NPAs) of over Rs 50 crore for possible fraud and accordingly report the matter to probe agency CBI.

It has also asked the banks to come up with a pre-emptive risk mitigation action plan within 15 days to check recurrence of frauds.

PNB shares plunged 12.11 per cent to Rs 98.35 apiece on BSE today.

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First Published: Feb 27 2018 | 9:35 PM IST

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