Fraud-hit PNB rapped for not making timely regulatory disclosures
State-owned Punjab National Bank (PNB) has received a warning letter from the country`s markets regulator for failing to make timely disclosures to the stock exchanges about a sprawling $2 billion fraud.
PNB said in February two jewellery groups had defrauded it of more than $2 billion by raising credit from overseas branches of other Indian banks. Image source: Reuters