Millennium Post

Customers' money safe with us: PNB

New Delhi: Facing heat over nearly Rs 13,000 crore scam, Punjab National Bank on Monday said money of customers is safe and asserted that there would be zero tolerance towards unethical practices.
Urging customers not to believe in any rumours, the bank assured that they can withdraw or deposit their money anytime.
The lender has come out with a detailed set of FAQs (Frequently Asked Questions) seeking to address concerns of customers in the wake of the recent fraud.
"In PNB there is zero tolerance towards unethical practices within the system. That is why the minute the bank became aware about discrepancies related to the incident, the fraudulent transactions were immediately reported to the regulator and the law enforcement agencies," it said.
PNB said it has reached out to other affected banks and apprised them of the developments. On February 14, PNB informed exchanges about a fraud to the tune of Rs 11,400 crore involving billionaire jewellery designer Nirav Modi, his family and uncle Mehul Choksi of Gitanjali Gems.
The fraud amount after further probe by the bank now stands at nearly Rs 13,000 crore.
Further, PNB said it has undertaken measures to strengthen internal audit control mechanisms and looking at technology interventions to enhance customer service and customer responsiveness including automating customer response mechanism.
In response to query on what action has been taken by the bank against its employees involved in the fraud, PNB said the bank is committed to ensuring that no one, irrespective of their level, is spared.
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