Virat Kohli is still our brand ambassador, says Punjab National Bank

Virat Kohli is still our brand ambassador, says Punjab National Bank

Kohli is currently leading India in South Africa.

Kohli was PNB's ambassador before its controversially as well. (AFP)

Punjab National after its scam controversy has in an official confirmation said to the media that Virat Kohli is still the brand ambassador of the bank. 

"Mr Virat Kohli is our brand ambassador," the bank said, denying media reports that he is going to discontinue his endorsement with the bank. "The same is again totally false and incorrect," it added. 

The bank also said that it has not engaged PwC to conduct an investigation into the alleged fraud and gather evidence against Nirav Modi and his associates. The media report is "totally incorrect", it added. 

PNB reiterated that it has the capacity and capability to handle the situation and protect the interest of the institution, customers and stakeholders. 

"Bank has already initiated prompt steps for protecting the financial interest of all the lenders/ stakeholders including the issuance of the advisory to lenders involved and to act swiftly to recover the dues," it said further. 

It also reaffirmed that the bank is committed to honoring all bonafide commitments. 

"The current episode of financial fraud shows gaps in supervision and monitoring systems at the bank level which have the potential to become disruptive for the industry and the financial sector both," Chandrajit Banerjee, Director General, CII, said in a statement 

The industry body has suggested to enhance supervision and monitoring at all levels, infusion of professionalism in bank's management and dilution of government stake in public sector banks (PSBs) to bring them down to 52 percent in the first phase and then further reduce to 33 percent. 

Punjab National Bank last week had informed about a scam of Rs 11,400 crore that had been happening in connivance with a few bank officials since 2011 to issue fake letters of undertakings (LOUs) to diamond merchant Nirav Modi and his associates for loans from foreign branches of other banks. 


By Anshuman Roy - 24 Feb, 2018

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