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