Scam-hit PNBs recovery of over Rs 7,700 crore in bad loans during the first quarter in the current fiscal has surpassed the total amount it recovered in the entire 2017-18 financial year, indicating that it has embarked on the turnaround path, the banks top official has said. IBC played a big role in such huge recovery because two big accounts were resolved," he said. A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011."In the first quarter itself, 2-3 big accounts have been resolved.The remaining amount will be covered in the three quarters of the current fiscal year. With regards to provision made for the loss incurred on account of Nirav Modi fraud, the bank provided Rs 7,178 crore.

50 per cent of the total amount of Rs 14,356 crore din571 hexagonal wood screw stainless steel for sale in the fourth quarter of 2017-18.11 crore to other banks to discharge its liabilities towards Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs) issued fraudulently and in unauthorised manner to certain overseas branches of Indian banks through the misuse of SWIFT system of the bank, which was then not integrated with CBS (Core Banking Solution).The total number of LoUs issued to the companies of Nirav Modi, his relatives and the Nirav Modi Group are 1,213, and to Mehul Choksi, his relatives and the Gitanjali Group are 377. The total outstanding is Rs 6,500 crore and we expect these to resolved during the current fiscal itself," he said.