PNB fraud: IBA to meet tomorrow

Bankers' body IBA will meet tomorrow to deliberate on the Rs 11,400 crore fraud involving billionaire diamond jeweller Nirav Modi and Punjab National Bank (PNB), sources said.
Indian Banks' Association (IBA) Chairperson Usha
Ananthasubramanian was earlier the Managing Director of PNB.
She is currently heading Allahabad Bank, which is believed to have encashed some of the letters of undertaking (LoUs) issued by PNB.
Meanwhile, the finance ministry has asked all banks review their systems and processes and ensure that potential frauds are identified and corrective action taken if required.
State-owned PNB has been rocked by a USD 1.77 billion scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.