At a time when the economy is going through tough times due to covid-19 lockdown, and the financial sector is looking to conserve capital, country’s second largest lender Punjab National Bank (PNB) has thought it fit, to buy three high-end luxury cars worth approximately Rs 1.34 crore to ferry its managing director (MD) and two senior executive directors.
The annual depreciation on this purchase will be around about Rs 20 lakh, sources said.
Amid the COVID-19 crisis, the finance ministry had asked all ministries and departments to put on hold any new scheme in the current financial year and use their resources prudently.
It would not be out of place to mention that PNB was at the receiving end of Rs 14,000 crore Nirav Modi scam which was unearthed in 2018. (PTI)
For more public sector banks news click here
