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PNB Denies Rumours of Cash Withdrawal Limit, Virat Kohli Stepping Down as Brand Ambassador

The notice came after several reports of measures taken by the bank which is reeling after the discovery of an alleged Rs 11,400 crore fraud by diamond merchant Nirav Modi and his uncle Mehul Choksi.

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Updated:February 24, 2018, 10:43 AM IST
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PNB Denies Rumours of Cash Withdrawal Limit, Virat Kohli Stepping Down as Brand Ambassador
File image. (Image: Reuters)
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New Delhi: Punjab National Bank has issued a denial to reports that it had restricted withdrawals by customers to Rs 3,000.

The PNB notice, issued on Friday, also denied that cricketer Virat Kohli has stepped down as the brand ambassador for the bank.

The notice came after several reports of measures taken by the bank which is reeling after the discovery of an alleged Rs 11,400 crore fraud by diamond merchant Nirav Modi and his uncle Mehul Choksi.

“There are reports on social media/other platforms that the withdrawal limit for a customer of the bank has been capped to Rs 3, 000. It is absolutely incorrect, no such limit has been placed by the bank and banking activities are going on as usual. No restrictions on the withdrawals have been imposed by the bank (sic),” the notice said.

They also denied reports that the Reserve Bank of India and the Union government had asked PNB to repay the fraudulent amount to other banks.

As for reports of Kohli stepping down as brand ambassador, the bank said, “There are reports in the media that Mr Virat Kohli, Bank’s brand ambassador is going to discontinue his endorsement with Punjab national Bank. The same is again totally false and incorrect. Mr Virat Kohli is our brand ambassador (sic).”

WhatsApp Image 2018-02-24 at 8.44.16 AM

PNB also denied reports that it has roped in audit firm PricewaterhouseCoopers (PwC) to investigate the alleged fraud by Modi and gather evidence against him and his associates. The media report is "totally incorrect", it said.

“Punjab National Bank is committed to honour all bonafide commitments. In pursuant of clean and responsible banking agenda of the government, bank has taken proactive steps to bring the culprits to the books and has initiated strong action against entities and the staff involved (sic),” the notice said.
| Edited by: Ashish Yechury
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