[Mumbai]PNB Posts Largest Ever Quarterly Loss @ Rs 13416.91 Cr .
Nirav Modi has Carried out Fraud @ Rs 14357 Cr from this Bank .
PNB’s Senior Officers are Being Scanned by Various Departments.
The Punjab National Bank [PNB]today posted largest ever quarterly loss of Rs 13,416.91 crore for January-March period, mainly on account of high provisioning for bad loans.
It had reported stand alone profit of Rs 261.90 crore in the fourth quarter of 2016-17.
The total income for the fourth quarter also declined to Rs 12,945.68 crore, from Rs 14,989.33 crore in the year-ago period.
The Reserve Bank has permitted PNB to make provisions against the fraud amount.
The filing further said that the bank has made higher than required provisions amounting to Rs 7,178.42 crore.
The remaining provision of Rs 7,178.42 crore will be made during the first three quarters of the ensuing financial year.
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