News digest: PNB fraud, Vinod Rai's exit, Chandra's 2nd year, and more

Nirav Modi, the prime accused in the Rs 114-billion scam at Punjab National Bank wrote to banks on Monday

Rs 114-bn PNB scam: Govt seeks RBI's view on lapses in banking system

The Union government has shot off a letter to the Reserve Bank of India (RBI) on the alleged Rs 114-billion Punjab National Bank (PNB) scam, asking whether at any stage the banking regulator had detected the fraud, involving letters of undertaking (LoUs) issued to foreign branches of Indian banks on behalf of companies promoted by Nirav Modi and Mehul Choksi. Read more
 

 PNB's haste closed all options to clear debt, Nirav Modi tells banks

Nirav Modi, the prime accused in the Rs 114-billion scam at Punjab National Bank (PNB), wrote to banks on Monday, saying the companies controlled by him were unable to clear their dues owing to actions taken in “haste” by PNB. Read more
 

PNB fraud: Banks Board Bureau may wind up in March after Vinod Rai's exit

Hard on the heels of the Nirav Modi fraud case, which has shaken public trust in state-owned banks, the Banks Board Bureau (BBB), set up by the government as a makeover platform for these banks, will effectively close down in March. Read more

A year on, Tata Sons chief Chandrasekaran shines bright over Bombay House

N Chandrasekaran, who completes a year as Tata Sons chairman on Wednesday (February 21), is turning out to be lucky for India’s largest private sector business group. After years of losing money on two of the group’s biggest bets — the global steel business and domestic passenger cars — there are strong signs of a revival in both businesses. Read more