PNB says it has ability to recover after uncovering multi-crore fraud

Punjab National Bank (PNB), India's second-largest state-run lender, said Thursday it has the capability and capacity to recover after uncovering a $1.77 (US) billion fraud at one of its branches that went undetected for years.

"This cancer that's been going on since 2011, we have brought it out and we are resolving it," PNB's Chief Executive Sunil Mehta said at a press briefing.

"If the entire onus is on us, we will take responsibility,"he said.