Indian banks have been under-reporting frauds: RBI
Friday, June 28, 2019, 8:55 AM
Bank-frauds numbers may not be startling, but the way they are reported is. In a staggering revelation indicating that Indian-banks have been under-reporting frauds, the RBI has revealed that 90.6% of the frauds reported by banks in 2018-19 occurred between 2000 to 2018. "The time-lag between the date of occurrence of a fraud and the date of its detection is significant," the RBI said.
Indian Bank Frauds Up, Will Continue Rising, Says Deloitte
Monday, November 26, 2018, 12:52 PM
Rounding off the year of India's biggest banking fraud on state-run Punjab National Bank (PNB), British professional services multinational Deloitte said such frauds will continue to rise with banks continuing to "lack a holistic anti-financial crime compliance programme". According to the third edition of Deloitte India Banking Fraud Survey released, about 84% of survey respondents pointed to a substantial rise in fraud incidents.
Nirav Modi Scam A Bygone, Says PNB Managing Director Sunil Mehta
Tuesday, October 2, 2018, 2:56 PM
State-run PNB is expected to turn profitable this fiscal year and is poised for growth, its managing director Sunil Mehta said, asserting that the Rs.14,000-crore Nirav Modi scam is a bygone. Mr Mehta said he hopes that PNB will be back into the black during 2018-19 due to various efforts taken by the bank after the fraud came to light in January this year.