Lawstreet Journal

PNB Buys 3 Audis Worth Rs 1.34 Crore for Top Bosses Amid Coronavirus Crisis: Report

Lawstreet Journal 11 Jun 2020 11:19pm

Image courtesy: Lawstreet Journal Business PNB Buys 3 Audis Worth Rs 1.34 Crore for Top Bosses Amid Coronavirus Crisis: Report

At a time when the financial sector is going through a tough patch, Punjab National Bank (PNB), the country's second-largest lender, has purchased three Audi cars to ferry its top management.

According to sources, last month the PNB took delivery of these high-end luxury cars worth approximately Rs 1.34 crore, unaware of the coronavirus outbreak, subsequent national lockdown, and its devastating effect on both the financial sector and the economy. 

The annual depreciation on this purchase, sources said, will be about Rs 20 lakh.

These luxury cars will be used by the managing director (MD) and two senior executives, sources said. 

There are four Executive Directors in addition to the MD, given the bank's size and scale of operation.

These cars were purchased after the board 's approval and within the full-time managers' sanctioned limit, sources said, adding, this is part of routine replacement and the last year's unused budget was forwarded for purchase.

Interestingly, the union government secretaries and even Cabinet ministers use Maruti Suzuki Ciaz, much less expensive than the PNB-bought German car Audi. 

In the protocol, a public sector bank's Managing Director is equivalent to One Additional Central Government Secretary.

Even the chairman of India's largest lender state bank which is considered a knot above any nationalized bank's managing director uses Toyota Corolla Altis when in the capital.

Last week, amid the COVID crisis, the finance ministry asked all ministries and departments not to launch any new scheme in the current financial year and said in these tough times there is a need to use capital with prudence.

Schemes already approved for the current… Continue Reading...

Tagged: Punjab National Bank  
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