Finance ministry to reserve bank on Rs 11,400 crore fraud in PNB

 SMTV Desk 2018-02-19 23:32:42  Finance, ministry, reserve, bank, Rs 11,400, crore, fraud, PNB
Finance ministry to reserve bank on Rs 11,400 crore fraud in PNB

New Delhi, Feb 19: After the big fraud of Rs 11,400 crore at Punjab National Bank the finance ministry has asked Reserve Bank s view on the lapses in the banking system.The letter also seeks the regulator s advice on what system and processes need to be updated so that such frauds are prevented, sources added.PNB, the country s second-largest bank, has reported a fraud of Rs 11,400 crore, wherein Letters of Undertaking (LOUs) were fraudulently used allegedly by companies owned by billionaire jewellers Nirav Modi and Mehul Choksi.