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Amidst Fraud Detection, PNB Transfers 1,415 Employees

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| February 23 , 2018 , 17:51 IST

In their bid to bury rumours, Punjab National Bank (PNB) clarifies that they’ve transferred 1,415 employees as part of their Rotational Transfer Policy rather 18,000, following $1.8 billion fraud.

"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," PNB has tweeted.

They also stated that the branches are working smoothly and the transfers are not affecting the customer service of the bank.

The decision to transfer these employees came right after Rs 11,300 crore fraud was detected in its Brady House branch, in which bank officials were also involved.

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The Central Bureau of Investigation (CBI) on February 17 had arrested PNB's retired Deputy Manager, Gokulnath Shetty and its Single Window Operator Manoj Kharat in the multi-crore fraud case.

Both these officials remained in one branch of PNB for several years, while the usual norm is employees getting transferred every two-three years.

Meanwhile, the Enforcement Directorate (ED) freezes Nirav Modi's bank account with Rs 30 Crore balance.