The Indian Banks’ Association (IBA) will approach the Reserve Bank of India (RBI) to seek clarity on how the losses will have be managed after the Rs 11,400 crore fraud which has engulfed state owned Punjab National Bank (PNB).In an acrimonious meeting at the State Bank of India headquaters in Mumbai lenders tried to shift blame on liabilities arising out of the fraud to PNB.PNB CEO Sunil Mehta was present in the meeting through a video conference.Only banks which have been impacted by the counterparty risks arising out of the fraud were called to the meeting.Bank of India CEO D Mohapatra, ICICI executive director NS Kannan, Allahabad Bank CEO Usha Ananathasubramanian and IBA CEO VG Kannan were among the bankers present.The IBA meeting lasted more than four hours and lead to heated arguments between PNB and others on who will bear the losses.”PNB stuck to its stand that only bonafide commitments will be paid. Other banks didn’t agree and argued that PNB has to pay,” said a person present at the meeting.IBA will now make a presentation on this to the RBI, most likely on Tuesday as banks in Mumbai are shut on Monday. PNB has acknowledged the fraud from its Brady House branch in Mumbai but it has remained non committal on its liabilities.