The circuit is sketched incorrectly or at least incomplete because the N.I. OP input is unconnected. At present, even the photo diode operation mode can't be clearly determined.
I would expect that the circuit is intended as I/V converter (transimpedance amplifier) with zero photo diode bias. In this case, a 741 would need a bipolar power supply or the photo diode and N.I. input must be connected to a virtual ground.
Typical 741 input bias current is 80 nA, in this case the circuit can possibly work with a 10M resistor.