PNB settles Rs 43 Lakh in claims over financial irregularities at Greater Noida Branch

Punjab National Bank (PNB) said that it has settled claims of Rs 43 lakh linked to alleged financial irregularities at its Greater Noida branch. The bank further stated that it would honour all genuine claims as it examines complaints over missing funds in savings accounts and fixed deposits.

“Three claims amounting to Rs 43 lakh had been settled as of yesterday. The Bank assures its customers that all genuine claims will be honoured,” PNB said in a statement on Thursday (October 30).

PNB settles Rs 43 lakh in customer claims

The bank said it was checking the complaints on priority to establish the extent of the reported discrepancies. It also said it was cooperating with the authorities and taking steps to address customers' grievances.

Also Read: PNB Greater Noida branch faces Rs 35 crore fraud allegations, 5 employees suspended

PNB reiterated that it had zero tolerance for fraud, financial irregularities and misconduct. Employees found responsible would face action under the applicable rules, the bank said. It also referred to steps to tighten internal controls and monitoring.

Customers allege losses around Rs 35 crore

The statement follows complaints from account holders who have alleged that more than Rs 11.24 crore was taken from their savings accounts and fixed deposits.

An FIR has been registered against unidentified bank employees under Section 316(5) of the Bharatiya Nyaya Sanhita, which covers criminal breach of trust. The case followed a complaint by Shrichand and other customers.

Also Read: How a balance mismatch exposed a Rs 590 crore suspected fraud at IDFC First Bank

The complaint lists 21 account holders whose alleged losses exceed Rs 11.24 crore. Two customers have claimed losses of more than Rs 1 crore each. Separately, local account holders have put the suspected fraud at around Rs 35 crore, saying mutual fund investments were also affected.

Police probe complaints, employees suspended

Gautam Buddh Nagar Lead District Manager Ram Vinod Kumar told PTI that the complaints were being examined and action was underway. Police said PNB management had assured customers that their grievances would be addressed. Several employees, including the branch manager, have been suspended. Further legal action is underway.

Customers had raised the matter on Wednesday (October 28), alleging that money had been transferred without their consent or any alerts.