Rs 11,300-crore PNB-fraud effect: Bank transfers 1,433 staff members with immediate effect

CBI arrest three people in the PNB Rs 11,000 crore fraud.
CBI arrest three people in the PNB Rs 11,000 crore fraud.

The Hush Post:  Punjab National Bank (PNB) has transferred more than 1,400 staff members as part of its rotational transfer policy after the Rs 11,300 crore fraud involving diamantaire Nirav Modi. Earlier, there were rumours that 18,000 staff members were transferred following the $1.8 billion fraud, which in Indian currency amounts to Rs 11,300-crore scam.
“There have been reports appearing in the media that the bank has transferred close to 18,000 employees. The same is factually incorrect as the bank has transferred 257 sub staff, 437 clerks and 721 officers (total 1,415 employees) since February 19, 2018, as per prevailing Rotational Transfer Policy of the bank,” the PNB bank tweeted.

The bank also said that the working of the branches was smooth enough and that transfers are not going to affect the services in any way whatsoever. The decision to rotate the employees came soon after the more than Rs 11,000-crore fraud came to light at its Brady House branch, Mumbai. The CBI subsequently arrested PNB’s retired Deputy Manager, Gokulnath Shetty and Manoj Kharat. Both the bank officials were in the same branch of PNB for many years as opposed to the norms.

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