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PNB fraud: A year later, big blind spot on India's biggest banking whodunit

While RBI's supervisory bureaucracy was blindsided on PNB, it gave the sense of having put sound systems in place

Punjab National bank
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Punjab National bank is an Indian multinational banking and financial services founded in 1894 | Photo: Shutterstock

Raghu MohanAbhijit Lele
A few in India Inc, have for long lived by a unique worldview: “It’s against my principle to pay interest on the loan I took from you; and against my interest to repay the principal.” Last winter, diamantaires Nirav Modi and Mehul Choksi, scaled up the wag’s idea – crafted their version of the direct benefit transfer scheme to bleed Punjab National Bank (PNB) of Rs 20,000 crore. And proved that you can not only be led by the nose, but the nose-ring too.

A year on, you get to glean little on life after the blowout on a reading

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First Published: Jan 29 2019 | 11:03 PM IST

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