Why PMC Bank fraud is bigger than Nirav Modi's PNB scam
Updated : September 30, 2019 07:53 AM IST
The fraud perpetrated at Punjab & Maharashtra Co-operative (PMC) Bank is not much smaller than the one at the Punjab National Bank (PNB).
For PNB , with a loan book over Rs 6 lakh crore and implicit guarantee from the government, the Rs 13,000 crore hole was still manageable. But PMC is a cooperative bank where implicit government support is not a given.
It’s a pity that bankers and supervisors are learning the gaps in supervision well after massive crimes have been perpetrated and after gullible depositors have lost their life’s savings.
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morning
YOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more