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Economy

Indian bank assures investors of resolving $1.8bn scam

Punjab National chief cites sufficient capital for any repayment to other banks

Activists of the youth wing of India's main opposition Congress party shout slogans during a protest against billionaire jeweller Nirav Modi in New Delhi on Feb. 16.   © Reuters

MUMBAI -- Punjab National Bank assured investors Friday that it possesses the capital to resolve its exposure to 113 billion rupees ($1.8 billion) in fraud over the next six months.

Sunil Mehta, the Indian state-owned bank's managing director and CEO, said in a teleconference attended by analysts and media houses that the bank is working to plug security gaps related to letters of undertaking and has warned employees against exploiting such loopholes.

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