Thursday, 15 February 2018

India's second largest state-run bank hit by $1.8bn fraud case

India's second largest state-run bank has uncovered a $1.8bn (£1.3bn) scam linked to a single Mumbai branch.

The fraud amounts to nearly a third of Punjab National Bank's (PNB) market value, and 50 times its profits for the last quarter of 2017.

The bank said the fraudulent transactions appeared to benefit a handful of customers.

But there are concerns the fraud could affect other banks, and hurt confidence in India's banking sector.

BBC     News.

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