PNB Clarification

on |media| reports

"Misleading "Baseless"

Thesynergyonline Banking Bureau

NEW DELHI, FEBRUARY 23 : Punjab National Bank (PNB) said in a statement on some media reports issued on Friday terming them as "misleading and "baseless" and "creating confusion in the minds of the public at large".

The bank stated as under :

• There are reports in social media/other platforms that the withdrawal limit for a customer from the bank has been capped at Rs.3000. It is absolutely incorrect, no such limit has been fixed by the Bank and normal Banking activities are going on as usual. No restrictions on the withdrawals have been imposed by the Bank.

• There are reports in the media that RBI/Govt. has asked the bank to make payment of the fraudulent amount to other banks. The report is totally incorrect and the Bank confirms not having received any such instructions.

• There are reports in the media that Mr. Virat Kohli, bank's brand ambassador is going to discontinue his endorsement with Punjab National Bank. The same is again totally false and incorrect. Mr Virat Kohli is our brand ambassador.

• There are media reports that the bank has engaged PricewaterhouseCoopers (PwC) to conduct an investigation into the alleged fraud and PwC has been asked to gather evidence that can be used against Nirav Modi and his associates in court. The news is totally incorrect.

• There have been reports in the media about 18000 transfers done by the bank recently. The same is also far from the facts. The bank has effected only 1415 transfers of its employees (257 sub staff, 437 clerks and 721 officers) as per extant transfer policy of the Bank. The work in the branches is going on smoothly and the above transfers in no way affecting the customer service in the Bank.

2. It is reiterated that the bank has the capacity and capability to handle the situation and protect the interest of the Institution, customers and stakeholders. Bank has already initiated prompt steps for protecting the financial interest of all the lenders/stakeholders including issuance of advisory to lenders involved and to act swiftly to recover the dues.

3. Punjab National Bank is committed to honor all bonafide commitments. In pursuant of Clean and Responsible Banking agenda of the Government, Bank has taken proactive steps to bring the culprits to the books and has initiated strong action against the entities and the staff involved.