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Bankers discuss recovery, banks want PNB to pay up

The PNB branch in Fort Mumbai from where Rs 11.300 Cr fraud has been spotted. Express photo by Ganesh Shirsekar, 14th February 2018, Mumbai

The PNB branch in Fort Mumbai from where Rs 11.300 Cr fraud has been spotted. Express photo by Ganesh Shirsekar, 14th February 2018, Mumbai

MUMBAI:

Banks, which have an exposure in the Rs 11,400-crore fraud at Punjab National Bank, are insisting that the latter should pay up as the letters of undertaking (LoUs) were issued by PNB to Nirav Modi and Mehul Choksi companies. The Indian Banks Association (IBA), which met here Saturday, discussed the PNB issue and the possibility of recovery of funds lent to the jewellery group.

“The discussion centred around how to recover the money (from those involved in the fraud),” said a banker. While PNB was reluctant to pay up the banks, other banks with exposure in the fraud are expecting the RBI and the finance ministry to intervene in the matter.

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Credit: indianexpress.com

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