Markets

PNB says looking to exit non-core assets

NEW DELHI: With a view to allaying investors’ concerns, state-run PNB on Friday said it would get back to normalcy within six months and the bank’s board is working on a strategy to exit non-core assets.

In a conference call with investors, MD and CEO Sunil Mehta said the fraud totalling $1.77 billion was a standalone case from only one Mumbai branch, and the amount includes accounts of Nirav Modi and Gitanjali Gems.

Mehta added the bank had the capacity to get back to normal within six months and had more than sufficient regulatory capital.

On loan recovery, the management said it had initiated the measures and had already intimated other banks.

However, the exact liability due to the fraud will be known after sometime, Mehta said, adding that banks were seizing assets and recalling credit to firms linked to the fraud.

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