Multi-crore fraud-hit Punjab National Bank (PNB) on Tuesday posted huge loss of Rs 13,416.91 crore for the January-March period, the biggest ever by any domestic lender. The bank had registered a net profit of Rs 262 crore a year ago in the same quarter.
PNB on Tuesday said that its total liability works out to Rs 14,356.84 crore on account of the fraud carried out by jewellery designer Nirav Modi and associates.
With regards to provision made for the loss incurred on account of Nirav Modi fraud, the bank said it provided for Rs 7,178 crore in the fourth quarter of 2017-18.