PNB says enough arrangements for customers

State-owned Punjab National Bank (PNB) on Monday assured all its customers that it had made “enough arrangements” for their banking transactions without any inconvenience, and it had sufficient assets to meet any liability.

Replying to clarifications sought by stock exchanges, PNB said: “The bank has enough assets to meet any liability which is decided according to law.”

However, it added realisation of any specific asset would be decided at the time of need with the approval of board.

This followed media reports that the country’s second-largest bank was in process to monetise its fixed assets in the wake of the ~114-billion fraud allegedly perpetrated by defaulter businessmen Nirav Modi and Mehul Choksi.

On reports about law enforcement agencies sealing its MCB Brady House branch in Mumbai, PNB said it was under discussion with the Central Bureau of Investigation (CBI) to allow normal operation at the branch during business hours.

“However, the bank has core banking solution through which any customer of bank can transact at any branch of his convenience. The bank has made enough arrangements to ensure no customer is put to any inconvenience,” it said.

Regarding exchanges’ query on a petition in the Supreme Court demanding a special investigation team probe into the fraud, PNB said it was not aware of any such petition.

The bank’s shares continued to tank for the fourth day in a row on Monday. The scrip closed at ~116.40, down 7.36 per cent from its previous close on the BSE.