Punjab National Bank to consider capital infusion of Rs 2,816 crore by Government of India on Aug. 6.
Punjab National Bank (PNB) is an Indian multinational banking and financial services company. It is a state-owned corporation based in New Delhi, India. The bank was founded in 1894. As of 31 March 2017, the bank has over 80 million customers, 6,937 branches, and 10681 ATMs across 764 cities.
In February 2018, PNB was part of India’s biggest ever fraud in which two junior officers at a single branch had illegally steered $1.77 billion in fraudulent loans to companies, most of them controlled by billionaire jeweller Nirav Modi. Based on the data available with Reserve Bank of India, among state run banks in India, PNB topped in the number of loan fraud cases across India with 389 cases totaling Rs 65.62 billion over the last five financial years.
Post Updated 02 August, 2018 08:26 AM
