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Fraud-hit PNB suffers biggest ever quarterly loss for an Indian bank

Reuters  |  MUMBAI/BENGALURU 

By Devidutta Tripathy and Vishal SridharMUMBAI/BENGALURU (Reuters) - Punjab National Bank (PNB) reported a 134.17 billion-rupee ($1.98 billion) fourth-quarter net loss on Tuesday, the biggest ever by an Indian lender as the state-run bank booked provisions to cover a massive fraud.In what has been dubbed the largest fraud in Indian banking history, PNB - the second-biggest state-run lender and fourth-biggest overall - disclosed in February that two jewellery groups had defrauded it of more than $2 billion, raising credit overseas from mostly other Indian banks with fake guarantees issued by ...

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First Published: Tue, May 15 2018. 19:41 IST
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