PNB plans for life after fraud

Punjab National Bank (PNB), which was hit by a $2 billion fraud that surfaced in February, has now strengthened its internal control processes and is prepared to pursue growth opportunities, said Sunil Mehta, the bank’s non-executive chairman, in an interview.

“It is an opportunity for us to relook at some of the processes that need to be embellished to make sure that growth from here on is strong and robust… We also must make sure we capture the low hanging fruit… (which) comes from improving our balance sheets through recoveries.