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PNB detects fraudulent transactions worth Rs 11.36 crore; Stock down 7%


19 August 2018 04:10

About ten employees of Punjab National Bank have been suspended following the bank detecting some fraudulent and unauthorised transations worth over Rs 11.36 crore.A statement from the state-run bank said that these transations are contingent in nature and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions.So, there is a possibility that not all the funds in question may not turn out to be a liability. Still, chances are the bank may still see a substantial if not all, the benefits of the governments bank recapitalisation will be wiped off. It may be recalled that the government has plans to issue bonds worth Rs 5473 crore to PNB as part of its plan to bolster balance sheets of ailing PSU banks.According to reports, the Central Bureau of Investigation has received two complaints from PNB against jewellery designer Nirav Modi and a jewellery company about fraudulent transactions.The allegations are.
PNB detects fraudulent transactions worth Rs 11.36 crore; Stock down 7%. This article is published at 19 August 2018 04:10 from Sify Indian Business and Finance News, click on the read full article link below to see further details.


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Tags : detects, fraudulent, transactions, worth, crore, Stock, down


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