PNB denies reports RBI didn’t conduct any audit at Brady House branch
Punjab National Bank says RBI conducts risk-based supervision of the bank on an annual basis
New Delhi: Denying reports that Reserve Bank of India (RBI) has not conducted any audit at Punjab National Bank’s Brady House branch in Mumbai, the state-run lender on Thursday said RBI conducts risk-based supervision of the bank on an annual basis.
Diamantaire Nirav Modi and his uncle Mehul Choksi are alleged to have colluded with officers of the branch to fraudulently obtain guarantees for availing loans from overseas branches of Indian banks. “It may be clarified that RBI does risk-based supervision of the bank on an annual basis,” PNB said in a statement.
The bank has been scammed to the tune of Rs12,700 crore by Modi and associates.
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