Punjab National Bank's (PNB) has recovered Rs 20,000 crore of bad loans during the financial year ended March 2019, almost double the recovery amount in the corresponding previous year. The Bank also took initiative in identifying wilful defaulters and notices were issued to various borrowers who were found to have committed an act of wilful default.
The bank suffered losses allegedly after jewellers Nirav Modi, Mehul Choksi and some bank employees collided to defraud PNB of about Rs 1,000 crore. The scam was unearthed in February 2018.
PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.
