Just Rs 2 crore insurance cover for fraud by employees in Punjab National Bank
The Rs. 11,000 crore scam in the Punjab National Bank is creating a sensation in the banking sector. If any fraud has been committed by employers in banks, PNB has made it possible to get insurance. But do you know how much the insurance amount? Only Rs 2 crores. Rs 11,000 crore fraud has been committed, but would get only Rs.2 crore as insurance!
All public sector banks have made this facility specially under commercial, bill discounts and cyber insurance under the insurance policy. But PNB did not do that. This insurance is provided by United India Insurance for up to 40%. The remaining 60 per cent is covered by three public sector insurance companies. According to the United India official, PNB Banker pays a premium of Rs 5 crore under NREGA. This policy does not cover all insurance. This insurance cover only limits under property loss, fire, exploitation, and fraud. Thus, the PNB employees are liable for any fraud only Rs.2 crore will be given. It is said the They say that PNB is frauding from 2011. However, the official said, “We have been paying only two years payment to PNB.”
11,400 crore fraudulent transactions in a branch in PNB. PNB said that their staff was conspiring through a false ‘Letter of Understanding (LoU)’ to help some clients benefit. With the LoU client can obtain loans from the Indian banks in abroad. The accused have borrowed loans 30 banks like Union Bank of India and Allahabad etc., The RBI has directed the Punjab National Bank to pay Rs 11,000 crore for all the banks that have been penny ‘mediator’.