PNB dismisses rumours on cash withdrawal limits, says it has enough capital
PremiumPunjab National Bank is planning to monetize its holdings in real estate, insurance and mutual fund ventures to tide over the Rs11,400 crore PNB fraud
PremiumPunjab National Bank is planning to monetize its holdings in real estate, insurance and mutual fund ventures to tide over the Rs11,400 crore PNB fraud
New Delhi: Dismissing speculations about restrictions on cash withdrawal, fraud-hit Punjab National Bank (PNB) on Wednesday sought to assure customers that it is capable of safeguarding the interests of stakeholders and it is business as usual at the bank.
The bank also stressed that it has a strong sovereign backing and adequate capital. “We have adequate capital coupled with a strong non-core asset base," PNB tweeted.
The bank had a capital adequacy ratio of 11.58% as of December end. It was also planning to monetize its large real estate holdings across India as well as its holdings in its insurance and mutual fund joint ventures.
On 14 February, PNB informed stock exchanges that it had unearthed a Rs11,400 crore fraud at one of its branches involving group firms of jewellers Nirav Modi and Mehul Choksi. Investigating agencies have arrested officials of the bank as well as Modi’s group firms.
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