Categories: Business

Covid-19 notwithstanding the economic slowdown, PNB bought 3 Audi cars for Rs 1.34 crore

Photo: GOOGLE

PNB Buys 3 Audis Worth Rs 1.34 Crore Amid Coronavirus Crisis

new Delhi. The country's economy is in crisis due to the Kovid-19 epidemic and companies are taking capital saving measures like reducing staff, cutting unnecessary expenses. At the same time, the public sector Punjab National Bank (PNB) has bought three Audi cars for the movement of its top management. The estimated price of these cars is Rs 1.34 crore. According to sources, PNB has taken delivery of these cars only last month. These will be used to bring the managing director of the bank and two other senior officers.

According to sources, the annual depreciation of this purchase of the bank will be around 20 lakh rupees. The purchase of these cars was made after the approval of the bank's board of directors. The important thing is that the central government and many cabinet level ministers use the Maruti Suzuki Ciaz made in the country. It is many times cheaper than Germany's Audi car bought by PNB. While it is public that the fraud of Rs 14,000 crore committed by Nirav Modi and Mehul Choksi has affected the banker's financial condition.

The bank had a loss of Rs 501.93 crore in the October-December 2019 quarter. Whereas the bank's net profit in the same quarter of 2018 was Rs 249.75 crore. The bank's provision for stranded loans stood at Rs 4,445.36 crore during this period. It was Rs 2,565.77 crore in the same period last year. According to government protocol, the post of managing director of public sector is equivalent to that of additional secretary in the central government. The chairman of State Bank of India, the country's largest bank, also uses Toyota Corolla Altis when it is in Delhi. In the post he is considered above the managing directors of all nationalized banks.

In view of the Kovid-19 crisis, the Finance Ministry had last week directed all ministries and departments to refrain from launching any new scheme in the current financial year. They were also asked to use resources judiciously during difficult times. On the other hand, the schemes which have been approved earlier will remain suspended till 31 March 2021 or until further orders. Sources said that apart from managing directors, the bank has four more executive directors to oversee its operations. The purchase of these cars is routinely described as an activity to replace the cars and the budget approved last year has been used for this.

This post was published on June 10, 2020 12:41 pm

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