How PNB fraud happened: A 162-page report lays bare the lapses
The damning conclusions of Punjab National Bank internal report stand in contrast to the lack of regulatory action taken by the authorities since the PNB fraud was reported
Mumbai/New Delhi: A $2 billion PNB fraud may have been orchestrated by a few rogue employees, but it escaped detection because of widespread risk-control and monitoring lapses in many areas of the bank, the bank’s own internal probe has found.
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