{"id":22207,"date":"2018-02-17T11:41:21","date_gmt":"2018-02-17T11:41:21","guid":{"rendered":"http:\/\/punjabnews24.com\/?p=22207"},"modified":"2018-02-17T11:41:21","modified_gmt":"2018-02-17T11:41:21","slug":"pnb-fraud-failure-of-banks-internal-controls-says-rbi","status":"publish","type":"post","link":"https:\/\/blastingskyhawk.com\/english\/pnb-fraud-failure-of-banks-internal-controls-says-rbi\/","title":{"rendered":"PNB fraud: Failure of bank\u2019s internal controls, says RBI"},"content":{"rendered":"<p>Mumbai,<br \/>\nThe Reserve Bank of India has called the Rs 11,400 crore fraud involving Punjab National Bank \u201ca failure of internal controls\u201d\u2014the central bank\u2019s first official reaction since the scam involving diamantaire Nirav Modi came to light earlier this week.<\/p>\n<p>In a statement on Friday, the central bank said it has already undertaken a supervisory assessment of control systems in Punjab National Bank (PNB).<\/p>\n<p>&#8220;The fraud in PNB is a case of operational risk arising on account of delinquent behaviour by one or more employees of the bank and failure of internal controls,\u201d the statement said. &#8220;RBI has already undertaken a supervisory assessment of control systems in PNB and will take appropriate supervisory action,&#8221; it said.<\/p>\n<p>The RBI also denied media reports that it had directed PNB to meet its commitments under the letters of undertaking (LoUs) to other banks.<\/p>\n<p>State-owned PNB detected a USD 1.77 billion scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Mumbai, The Reserve Bank of India has called the Rs 11,400 crore fraud involving Punjab National Bank \u201ca failure of internal controls\u201d\u2014the central bank\u2019s first official reaction since the scam involving diamantaire Nirav Modi came to light earlier this week. In a statement on Friday, the central bank said it has already undertaken a supervisory [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":22208,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-22207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/22207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=22207"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/22207\/revisions"}],"predecessor-version":[{"id":22209,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/22207\/revisions\/22209"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/22208"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=22207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=22207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=22207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}