Political & General

Reuters reveals how watchdogs failed to spot $2 billion Indian bank fraud

Reuters reveals how watchdogs failed to spot $2 billion Indian bank fraud

In an in-depth report, Reuters uncovered new evidence showing how the Reserve Bank of India failed for years to detect a $2 billion fraud at Punjab National Bank. Reuters also detailed how the RBI failed to respond adequately to red flags in the banking system, or correct a breakdown of normal practices at the nation’s second-largest state-run bank. The failings heighten worries about what other problems might lurk within India’s state-run lenders, which hold some 70 percent of the sector’s assets in the world’s fastest-growing major economy.


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