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PNB denies reports RBI didn't conduct any audit at Brady House branch

Earlier, the fraud amount was said to be Rs 114 billion, but onn Tuesday, the bank had informed the stock exchanges that additional amount of Rs 13 billion had been discovered to be part of the fraud

IANS  |  New Delhi 

PNB 114 billion scam: Govt weighs bank recapitalisation hike
Punjab National Bank

The $ 2 billion fraud-hit on Thursday clarified that the (RBI) had done risk-based supervision of the bank on an annual basis.

"There have been reports in a section of media that has not conducted any audit at Brady House, Mumbai branch since 2009. It may be clarified that RBI does risk based supervision of the bank on annual basis," the bank said through its twitter handle.

PNB, the second largest in India, is in the eye of storm after $ 2 billion fraud was detected involving Nirav Modi and owner of Gitanjali Gems,

Following the multi-billion fraud the appointed as Group Chief Risk Officer, a regulatory filing by the bank said here on Tuesday.

Earlier, the fraud amount was said to be Rs 114 billion, but onn Tuesday, the bank had informed the stock exchanges that additional amount of Rs 13 billion had been discovered to be part of the fraud. On Tuesday Firestar Diamond Inc, the US company of Nirav Modi had filed for bankruptcy in a New York court, under chapter 11.

 

First Published: Thu, March 01 2018. 16:07 IST
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