In 5 days, PNB may be first bank to get 'defaulter' tag due to Nirav Modi

The tainted lender needs to repay Union Bank of India Rs 10 billion by March 31; if it can't, UBI may be forced to classify it as an NPA

The Rs 127-billion PNB fraud may be responsible for the first time that a bank gets listed as a defaulter in India. As a result of the scam carried out by diamantaire Nirav Modi and his associates, Punjab National Bank (PNB) owes Union Bank of India Rs 10 billion.

If PNB fails to pay the amount within five days, that is by March 31, it will be considered to have defaulted in the UBI's account books, according to the Economic Times. In that case, Union Bank may also have to classify the loan as a Non-performing asset (NPA).

PNB had