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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.
Why PMC Bank fraud is bigger than Nirav Modi's PNB scam
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