Daily O

Why Indian banks are facing a credibility crisis

Arun Jaitley had said PNB registered losses worth Rs 2,808 crore on account of frauds in 2016-17, almost a year before it unearthed the Nirav Modi and Mehul Choksi scams.

Over the past two weeks, more skeletons have been tumbling out of the cupboards (or shall we say lockers?) of state-owned Punjab National Bank (PNB) from which over Rs 12,000 crore was allegedly swindled by fugitive diamantaire Nirav Modi.

In a reply to the Lok Sabha on March 10, finance minister Arun Jaitley said PNB registered losses to the tune of Rs 2,808 crore on account of frauds in 2016-17, almost

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