Explorer

RBI denies giving instruction to PNB over Nirav Modi fraud

New Delhi [India] Feb. 16 (ANI): The Reserve Bank of India (RBI) on Friday denied giving any instruction to the Punjab National Bank (PNB) over Nirav Modi fraud.

Jose J. Kattoor, Chief General Manager, RBI, in a statement said, "There have been reports in the media that in the wake of fraud involving a sum of USD 1.77 billion that has surfaced in PNB, the RBI has directed PNB to meet its commitments under the Letter of Undertaking (LoU) to other banks. The RBI denies having given any such instructions."

Kattoor added 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.

"RBI has already undertaken a supervisory assessment of control systems in PNB and will take appropriate supervisory action," Kattor said.

The PNB has lodged two financial fraud complaints of Rs. 11400 crore and Rs 280 crore against Nirav Modi, his family members and Mehul Choksi.

The CBI filed a formal case charging four, Nirav Modi, his wife Ami, brother Nishal and Mehul Choksi on January 31 over Rs. 280 crore fraud. (ANI)


This story has not been edited. It has been published as provided by ANI

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headline

LS Elections: Shinde Faction Of Shiv Sena Names First 8 Candidates, Gives Ticket To Rahul Shewale, Hemant Patil
LS Elections: Shinde Faction Of Shiv Sena Names First 8 Candidates
PM Modi Calls Congress A 'Bully' After Lawyers Write To CJI. Here's What He Said
PM Modi Calls Congress A 'Bully' After Lawyers Write To CJI. Here's What He Said
Mumbai Power Outage: No Electricity In Southern Parts Of Maharashtra Capital Due To Power Failure
Mumbai Power Outage: No Electricity In Southern Parts Of Maharashtra Capital Due To Power Failure
Kejriwal To Stay Delhi CM From Jail As High Court Finds 'No Legal Bar,' Ball In LG's Court Now
Kejriwal To Stay Delhi CM From Jail As High Court Finds 'No Legal Bar,' Ball In LG's Court Now
Advertisement
for smartphones
and tablets

Videos

Bihar Lok Sabha Polls 2024: ABP Exclusive With Papu Yadav, MP No Longer Contesting From PurniaVarun Gandhi Pens Emotional Letter To Pilibhit After Being Denied, Says 'Mai Aapka Hu Aur Rahunga'Delhi Excise Policy Case: With CM Arvind Kejriwal's Arrest, Who Will Run The State | Watch ReportLok Sabha Elections 2024: 'BJP Just Wants To Break The Aam Aadmi Party' says Saurabh Bhardwaj
Embed widget