How PNB fraud exposed chinks in India's banking industry
New Delhi, March 21 -- The arrest of billionaire jeweller Nirav Modi in the $2 billion PNB fraud case represents a milestone in India's efforts to deal with those attempting to dupe its banking system, say experts. The Rs.14,000-crore fraud, which also involved some bank staff, threatened to bring India's second largest state-run lender to its knees. Punjab National Bank (PNB) had reported a net loss of over Rs.12,200 crore in FY18 after the fraud came to light in January 2018....
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