Industry chamber Confederation of Indian Industry condemned PNB fraud

New Delhi, Feb 23: Condemning the recently detected $1.8 billion fraud at the Punjab National Bank (PNB), industry chamber Confederation of Indian Industry (CII) on Friday said the incident showed gaps in supervision and monitoring systems at the bank level.

"The current episode of financial fraud shows gaps in supervision and monitoring systems at the bank level which have the potential to become disruptive for the industry and the financial sector both," said Chandrajit Banerjee, Director General, CII.

The statement said: "CII condemns such malfeasance by unethical enterprises, which are allegedly perpetrated in consort with certain corrupt employees of the affected banks."