Chennai, Jan. 19 -- The Central government has removed two Punjab National Bank (PNB) Executive Directors - Sanjiv Sharan and K.Veera Brahmaji Rao - for the lapses in the Rs 13,500 crore fraud allegedly perpetrated by absconding diamantaire Nirav Modi.
The PNB has intimated the action to the stock exchanges on Friday.
"We welcome the Central government's action to dismiss the two Executive Directors. The scam of such proportions could not have happened without the knowledge of the top management," C.H. Venkatachalam, General Secretary, All India Bank Employees' Association (AIBEA), told IANS.
"Perhaps for the first time, the Centra has removed the Executive Directors of a nationalised bank under the Nationalised Banks (Management and Mis...