Crores of rupees have not been refunded by SBI and PNB due to alleged fraud committed by bank officials, said the Karnataka government.
SBI and PNB banks (Wikimedia Commons)
The Government of Karnataka took a drastic measure to withdraw all deposits and investments from the State Bank of India (SBI) and Punjab National Bank (PNB), citing fraudulent activities and failure to refund money despite court cases pending for over a decade. The order read, “All deposits and investments made by Public Undertakings, Corporations, Boards, Local Bodies, Universities… in SBI and PNB will be withdrawn immediately.”