Punjab National Bank vows to book culprits of fraud, protect its interests


New Delhi: State-run lender Punjab National Bank (PNB) has put in place a plan to book the culprits of a $1.77 billion fraud and protect the financial interests of the bank, its chief executive officer told reporters on Thursday.

PNB, the nation’s second-largest state-run lender with assets of $120 billion, disclosed the fraud in a regulatory filing on Wednesday, saying it had referred the matter to law enforcement agencies.

CEO Sunil Mehta said the bank has informed the markets regulator about the fraud and the bank has the capability to resolve the problem.

At 3.04pm, PNB shares trade 11.97% lower at Rs128.35 on BSE, while the Sensex was up 0.33% at 34,267 points.livemint