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Amid the Rs 114-billion PNB fraud case, RBI has set up an expert committee under Malegam to look issues related to classification of banks' NPAs, rising incidents of frauds and effectiveness of audits

Expanding its crackdown to contain the fallout from India’s biggest banking fraud – the Rs 114-billion scam at Punjab National Bank – involving Nirav Modi, one of the country’s richest men, the Reserve Bank of India (RBI) on Tuesday constituted an expert panel to be headed by former RBI board member Y H Malegam.

The committee will look at the divergence in asset classification and provisions reported by banks vis-à-vis those interpreted by the central bank’s auditors,