PNB TAKES PROACTIVE STEPS PUT AUDIT & INSPECTION DEPARTMENT INTO ACTION

Punjab National Bank is a 123 years old Institution which has seen various ups and downs in the past and has come out stronger on each occasion.

The fraud which was detected by the Bank recently is a standalone incident in one of our branches. It was started in March 2011. We have put our Inspection & Audit Department into action and have not found any other similar incidence.

Punjab National Bank has proactively detected and reported this fraud to various Law and Enforcement Agencies and as per the media reports Enforcement Directorate has initiated raids for booking the culprits & to safeguard the financial interest of the lenders.

The Bank has kept the other member banks participating in the consortium funding of these two Groups involved to protect the financial interest of banking system at large.

Bank has decided to come-on heavily on everyone who was involved in such fraudulent activities so as to pursue the clean banking and reforms agenda of the Government.

Since the matter is under investigation by Law & Enforcement Agencies, it would not be proper to mention much technicalities at this stage, as it involves criminal and civil liabilities of the various stakeholders.

The Bank has the capacity and capability to handle the situation and protect the interest of the Institution. Bank has already initiated prompt steps for protecting the financial interest of all the lenders/stakeholders including issuance of advisory to lenders involved and to act swiftly to recover the dues.

Punjab National Bank is committed to honour all bonafide commitments. In pursuant of Clean and Responsible Banking agenda of the Government, Bank has taken proactive steps to bring the culprits to the books and initiated strong action against the Companies and the staff involved.