India's Punjab National Bank, which recently detected US$1.77 billion worth of fraudulent transactions at one of its branches, is contemplating monetizing its real estate assets, Reuters reported, citing "a bank source with direct knowledge of the matter."
The bank would reportedly look to sell the assets, including an office space in New Delhi worth an estimated 50 billion Indian rupees, via a tendering process.
The US$1.77 billion fraud, which was detected at a Mumbai branch of the bank, is said to be the largest bank scam in India's history.
The bank would need an estimated 80 billion rupees in additional capital if it had to assume all the liability from the scam, Reuters noted, citing Morgan Stanley.
As of Feb. 15, US$1 was equivalent to 63.93 Indian rupees.