PNB has capacity to recover from $1.77 billion fraud: CEO
After PNB detected $1.77 billion worth fraudulent transactions linked to Nirav Modi, its CEO Sunil Mehta said the bank has the capability and capacity to recover from it. He added the bank will honour all commitments if liability falls on them. Foreign branches of Indian banks had loaned money to Nirav Modi-linked firms based on fake guarantees provided by PNB. 