Punjab National Bank (PNB), which is facing a `11,394-crore fraud, has transferred 1,415 employees this week, it said in a statement, seeking to scotch rumours that the public-sector bank has shifted as many as 18,000 employees after the scandal.
Punjab National Bank (PNB), which is facing a Rs 11,394-crore fraud, has transferred 1,415 employees this week, it said in a statement, seeking to scotch rumours that the public-sector bank has shifted as many as 18,000 employees after the scandal. PNB insists the transfer is “as per prevailing rotational transfer policy of the bank” although some analysts have said the decision could also have been influenced by the detection of the fraud, the biggest in the country’s banking history, last week. “The working in the branches is going on smoothly and the above transfers are in no way affecting the customer service in the bank,” the bank said in the statement. The transferred employees include 257 sub-staff, 437 clerks and 721 officers. Since the fraud came to light, PNB has been firefighting to prevent its image from taking a massive hit and also scotch wild rumours. On Wednesday, it assured investors and customers that it had a strong sovereign support and enough capital to deal with the fraud.
“Be rest assured we have a strong sovereign backing. The core strengths of the bank is the brand image with rich 123 years of existence, strong CASA base, stable asset quality and increased pace of digitisation,” PNB said in a series of tweets on Wednesday. “We have adequate capital coupled with strong non core asset base,” it said, adding it has the capacity and capability to “handle the situation” and safeguard the interest of the institution. “Some news like restrictions on withdrawals etc is floating in some channels. It has been created by some miscreants and is totally baseless,” PNB said.