Corruption allegations surface at PNB’s Raipur Zonal Office

Complaints allege undue pressure, policy violations in loan sanctions by Zonal Manager Ashis Kr. Chaturvedi

By NSB.News

New Delhi : Fresh allegations of corruption and misuse of authority have emerged against the Raipur Zonal Office of Punjab National Bank (PNB), with complaints accusing Zonal Manager Ashis Kr. Chaturvedi of repeatedly pressuring credit committee members to clear large loan proposals in violation of banking norms.

According to the complaints, multiple high-value accounts—including Gurudev Agro, Precise Global, Fortune Infra, Brilliant Infra Projects and Agarwal Channels Mills—were allegedly sanctioned despite concerns over eligibility, collateral adequacy, fund utilisation and adverse financial indicators. In the Gurudev Agro case, a Rs 50 crore loan reportedly carried an ineligible interest concession, which was corrected only after a complaint to the Head Office, leading to recovery of nearly Rs 99 lakh.

In other cases, committee members are said to have objected to enhancements without additional collateral, negative drawing power, incomplete mortgaged properties and dilution of collateral norms by treating new borrowers as existing customers. Complaints allege that objections recorded by senior credit officials were overridden through intimidation and pressure.

Serious concerns have also been raised about the functioning and composition of the Zonal Office Credit Approval Committee (ZOCAC), which allegedly operated for a period with fewer than the required members to push proposals through. Employees have alleged frequent presence of loan syndicators and a culture of fear, with officials facing threats of adverse consequences for dissent.

While the allegations are yet to be independently verified and PNB has not issued an official response, sources say the matter warrants a vigilance probe or independent inquiry to examine the claims and protect institutional integrity in the public sector banking system.