Scam-hit PNB says it has transferred 1,415 employees since Feb 19

State-owned Punjab National Bank, which is hit by “Letter of Undertaking” fraud, has transferred over 1,400 employees since February 19, 2018 following advisory from Central Vigilance Commission (CVC).The Delhi-based lender claimed these transfers were made as per prevailing rotational transfer policy of the bank and that these transfers have not affected the branch operations.Bank has transferred 721 officers, 437 clerks and 257 sub-staff, taking total number of employees being transferred to 1,415.
The media reports of the bank transferring close to 18,000 employees are factually incorrect, PNB clarified.A PNB executive said these transfers have been made in the wake of advisory from Central Vigilance Commission to adhere to transfer policy of the bank. "Normally every year transfers are made after March to ensure year end work does not suffer.
But this time bank has advanced the activity in light of unfortunate events," he said referring to the LoU fraud.The working in the branches is going on smoothly and the above transfers are in no way affecting the customer service in the nank, PNB said.Meanwhile, the bank continues to issues trade finance instruments like LOUs, Letters of Comfort as part of normal business operations.



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