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Impact of PNB fraud, bank losses Rs.13,417 crore.

Wednesday - May 16, 2018 9:54 am , Category : WTN SPECIAL

Impact of PNB fraud.
MAY 16(WTN) - The Punjab National Bank, which has been in dispute for a long time, has suffered a major setback of losses. According to information, Punjab National Bank has reported a loss of Rs 13,417 crore in the March quarter.In the same quarter last year, the bank had a net profit of 262 crore. It is said that this loss to the bank is more than the estimated amount. The bank's NPA has increased to 18.38 percent compared to the previous quarter. In the December quarter, the bank's NPA was 12.11 percent. This quarter bank has had provision of Rs 20,353.10 crore. In the October-December quarter of the year 2017-18, the bank provisioned 4,466.68 crores.

Net NPA of the bank was 7.55 percent in the previous quarter. However, this quarter is has been increased to 11.24 percent. Let you know that a case of hoax of 13 thousand crore rupees in Punjab National Bank came out. The name of Nirav Modi and Mehul Choksi was revealed in this fraud. Not only this, the names of some employees and officers of the Punjab National bank were also revealed in this fraud.

The companies of Nirav Modi and Mehul Choksi lent money from the international branches of other banks with the help of the bank's LoU. The allegation is that both of them had obtained the LoU by the help of some employees and officials of the PNB. The credibility of Punjab national bank was shocked by this scandal, and the stock price of the bank dropped to around 84 rupees by around 5.8 percent. Not only this, the share price of Punjab National Bank fell to 47.6 percent this year.

After the PNB scam, the credibility of bank tumbled, so bank had to face a loss of Rs 13,417 crore in the March quarter, whereas the bank had a net profit of Rs 262 crore in the same quarter last year. It is believed that the bank may have more losses in the coming two quarters. Because the bank will have to work harder to gain the confidence of the customers and as long as the bank fails to do so, the bank will continue to suffer loss.
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