PNB may have to pay Rs 113 bn to banks in fraud involving Nirav: Report

'If PNB does not pay up, it will lead to double provisioning-- both PNB and 30 other banks will have to provide for the huge loss'

In a recent development in one of India's biggest banking scams, the Reserve Bank of India (RBI) has directed Punjab National Bank (PNB) to pay the entire Rs 113 billion to other banks, says a report.

PNB on Wednesday made a startling revelation that it had detected a colossal fraud worth Rs 113 billion in one of its Mumbai branches. Sources from the RBI have told Economic Times that the central bank has made its stand clear in the alleged fraud involving jeweller Nirav Modi.

"RBI has made their stand very clear that PNB is liable to pay dues to