Nirav Modi offered to pay, says PNB boss

New Delhi: PNB chairman and MD Sunil Mehta on Thursday said that Nirav Modi has not come out with any concrete plan to repay Rs 11,400 crore which bank has suffered from the fraud.

“But they’re coming out with some vague offers, which are under examination,” Mr Mehta said. He said Mr Modi has not come to the bank “personally” and “we have requested to him to come and give us a written plan and how he is going to make a repayment”. He said Mr Modi had he sent a formal message last week.

On the amount of provisioning that the bank would require to make, he said it was difficult to give any technical number “right now” as the matter was under investigation.

He, however, said that the bank will honour all its bonafide commitments. “We want to convey to all our stakeholders that PNB is pursuing clean banking agenda.”

He said that bank will take all possible action against the wrong doers in the fraud case.

“In the last 123 years, we have seen many ups and down. The bank in its full capacity will take every action to book wrongdoers. This fraud had started in 2011.  Our own bank detected first and told the law enforcement agencies about this. PNB is fully committed to its clean banking policy. That is why we are the first one to detect and report this to the various law enforcement agencies,” he said.

The PNB CMD further said the bank has informed all the lenders about the case. “We have issued advisory to them. We were the first to inform Sebi about this.”