State-owned Bank of India (BoI) has an exposure of ₹200 crore in the Punjab National Bank fraud case and the public sector lender has initiated insolvency proceedings against Nirav Modi firms, said a top official of the bank.
Resolution process
“We have some exposure [in the PNB fraud case]. We are participating in the resolution process. It [exposure] was around ₹200 crore. We are participating in the insolvency process in overseas also,” Dinabandhu Mohapatra, managing director and CEO of BoI told PTI. “Let’s hope for the best,” Mr. Mohapatra said.
He said the bank’s profitability was hit during the October-December quarter largely due to higher provisioning to some of the large accounts that were downgraded by the Reserve Bank.
