PNB Rs 11,400 cr fraud case: Will get back to normal within six months, says bank chief

Punjab National Bank chief executive officer Sunil Mehta said the bank has the size and capacity to come out of the problem.

Despite the huge blow of Rs 11,400 crore fraud, India’s second largest public sector bank is hopeful of coming out of the problem in the next six months, according to its top official.

The Punjab National Bank said it had discovered fraudulent transactions dating back to 2011 involving diamond jeweller Nirav Modi and some of his group companies perpetrated by some of its employees at a Mumbai branch.(Reuters File Photo)

“We will get back to normalcy within six months. Bank has the size and capacity to come out of the problem,” Sunil Mehta, managing director and chief executive officer of Punjab National Bank told an investors’ conference call on Friday.

He said the bank was going through some problems but “we will fix it.”

Mehta on Thursday said the bank “will not spare anyone” involved in the crime.

During the investors’ concall the bank chief reiterated that the incident was a standalone case. “We are looking at gaps in our existing controls, systems and trying to control them,” he added.