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$ 1.8 Billion Fraud May Spread From One of India’s Biggest Banks

India’s second-biggest state-run bank said it has detected a $ 1.8 billion fraud in the nation’s financial hub, the impact of which has been reported. Punjab National Bank In the United States, the United States, in the United States, said: “Based on these transactions other banks appear to have advanced money to these customers abroad.” The case poses further questions about the health of India’s banks, which are already grappling with one of the worst bad-loan ratios among big economies. Sunil Mehta, who is chief executive officer took charge last month and a year after PNB and 12 other lenders were fined for violating rules on some $ 1 billion of foreign-exchange deals.

The Reserve Bank of India did not immediately reply to an email seeking comment. Read how $ 3.6 billion in hidden bad loans is spotlighting India’s banking stress Investigative agencies have been informed about the latest transactions, PNB said. The bank did not elaborate on what impact it could have on its finances and it was not possible to hurt it. “Asutosh Kumar Mishra, a Mumbai-based banking analyst at Reliance Securities Ltd.” “There is no clarity on the subject of such transactions, whether or not the bank is holding that part of these transactions or that they will be able to recover this amount.” The fraudulent transactions are the equivalent of the lender’s 2017 net income of about 13.2 billion rupees ($ 206 million), exchange filings show. PNB shares fell as much as 7.5 percent as of 11:20 AM in Mumbai, poised for the steepest drop since October.

It’s also unclear if the fraud has been reported to have occurred earlier this month, where it was allegedly fraudulent 2.8 billion rupees from PNB in ​​order to obtain loans. At the time, it was said that it was digging into records to see if the hit is much deeper.

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