PNB TRANSFERS OVER 1,400 STAFF

Punjab National Bank has transferred over 1,400 employees since February 19, following an advisory from the Central Vigilance Commission (CVC).

The New Delhi-based lender said these transfers were made in accordance with the prevailing rotational transfer policy of the bank and had not affected branch operations.

Shares of scam-hit Punjab National Bank on Thursday came under selling pressure, falling over 2 per cent, after witnessing marginal gains in the past two sessions. The stock slid 2.09 per cent to end at ~114.65 on the BSE. At the National Stock Exchange (NSE), shares of the company slipped 2.30 per cent to close at ~114.60. In terms of equity volume, 2.7 million shares of the company were traded on the BSE and over 40 million shares changed hands at the NSE during the day. Since February 12 till February 19, the stock had fallen almost 28 per cent. State-owned PNB on Thursday said it has followed lawful avenues to recover its dues following ~114 billion swindling of funds allegedly by jewellery designer Nirav Modi and associates. The bank also asked Modi to come up with a concrete and implementable plan to settle the loss. PNB had disclosed about the scam on February 14 through a regulatory filing. Meanwhile, PNB will move out of NSE's Nifty Midcap 100 index in April. The changes were announced on Wednesday by India Index Services and Products, an arm of National Stock Exchange (NSE) as part of its periodic review.