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Everyone is wringing their hands on the jeweller Nirav Modi fraud and the damage it has caused to Punjab National Bank (PNB) and the PSU banks in general. While we still do not have all the facts, the fraud seems to be of an astonishing scale (somewhere between Rs 110 billion and Rs 200 billion) and audacity. There seems to have been a total breakdown of systems, controls, and process. How could this have gone on for so many years? What were the auditors, the Reserve Bank of India (RBI), and management of these banks doing? We may never learn
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