How PNB Rs 11,300 crore scam exposes the biggest flaws in the Indian banking system

When frauds with a similar design happen on a repetitive basis, it becomes a matter of concern. It is regrettable that frauds based on letters of credit, supporting fake transactions of purchases, have happened in the past in the jewellery sector. Banks’ internal controls need to be strengthened. Fraud protection is essentially a duty of the bank. – Vinod Kothari. Read more

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