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PNB will have to own responsibility of bona fide transactions, says FinMin

Financial services secretary, said the bank "will have to own responsibility of bonafide transactions."

Reuters  |  New Delhi 

India's Punjab National Bank (PNB), which is at the centre of a probe into a $1.77 billion loan fraud scam, will need to honour the "bona fide" transactions that have occurred through the bank's platform, a finance ministry official said on Monday. In the case, diamond billionaire Nirav Modi and others are accused of colluding with bank employees to fraudulently obtain advances for payments to overseas business suppliers, in the country's biggest ever bank scam. ALSO READ: Once the pride of Punjab, PNB is now a theme for WhatsApp memes in India Some ...

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First Published: Mon, February 19 2018. 17:22 IST