PNB fraud: Why India's banking system is flawed and how we can fix it

What was the Reserve Bank of India (RBI) doing, what was the bank top management doing, what were the internal, statutory and concurrent auditors doing, and so on

To the collective dismay of the public, there is one more bank scam, which, not surprisingly, involves a public sector bank (PSB) — Punjab National Bank. Nirav Modi, a flamboyant jeweller, and his uncle Mehul Choksi (a one-time favourite of foreign institutional investors) have allegedly pulled off a daring heist of over Rs 110 billion and run away to the US, leaving the country astounded by the audacity of the duo and the stupidity of bankers. Just before this, the State Bank of India, the premier public sector bank, confessed to over-reporting its profits by 36 per cent and under-reporting