State-owned Punjab National Bank (PNB) has reported a 7.9 per cent increase in its domestic business, crossing Rs 10 trillion turnover for the first time ever in FY18, reported Business Standard.
“It gives me immense pleasure in sharing with you that while the global business of the bank hovers around Rs 11 trillion, domestic business of the bank has reached a new milestone by crossing Rs 10 trillion, registering 7.9 per cent growth for 2017-18,” PNB's Managing Director and Chief Executive Officer, Sunil Mehta, said in a letter to employees, reviewed by Business Standard. The increase in its domestic business was despite reporting one of the biggest scams in banking history, worth Rs 13,400 crore related to issuance of fake letters of undertaking (LoUs) by its employees at the Brady House branch in Mumbai for companies belonging to Nirav Modi and Mehul Choksi.
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