Punjab National Bank (PNB) announced on Thursday that it has settled three claims amounting to ₹43 lakh in connection with alleged financial irregularities at its Greater Noida branch. The state-run lender stated it is actively examining the matter and collaborating with authorities to verify facts and determine the full extent of the reported discrepancies.
The bank confirmed it has taken serious cognisance of complaints involving certain customer fixed deposit (FD) and savings bank (SB) accounts. PNB affirmed its commitment to addressing the concerns of affected customers and honoring all genuine claims.
Allegations of Unauthorized Account Activity
The PNB branch located in the Aichhar area of Greater Noida has been at the center of allegations by numerous customers who claim funds from their savings accounts and fixed deposits have either disappeared or been transferred without their explicit authorization. Reports indicate some account holders discovered their fixed deposits were closed prematurely, with proceeds moved to other accounts without their consent or notification.
Customers have reported not receiving transaction alerts for these disputed transfers and only becoming aware of the discrepancies upon visiting the branch to check balances or make withdrawals. Media reports have suggested an alleged ₹35 crore could be missing from various customer accounts, though this figure remains an allegation and has not been officially confirmed as the final loss amount.
Bank’s Response and Investigation
PNB reiterated its firm commitment to safeguarding depositors' interests and upholding operational integrity. The bank emphasized its zero-tolerance policy toward fraud, financial irregularities, and misconduct, assuring that strict action would be taken against any individuals found responsible, in accordance with applicable rules and procedures.
An internal investigation is underway, and PNB is cooperating fully with relevant authorities to establish the facts surrounding the reported discrepancies. The bank also stated it is continuously strengthening its internal controls and monitoring mechanisms to enhance safeguards and prevent similar incidents in the future. Five bank employees, including the branch manager, have reportedly been suspended in connection with the ongoing investigation.
Impact on Customers
The alleged losses have caused significant concern among account holders, particularly families who had deposited compensation received for land acquired for infrastructure projects. The bank's assurance to honor genuine claims aims to alleviate some of this distress as the investigation progresses.