PNB says that quantum of reported unauthorized transactions can increase by $204.25 mn (~Rs1,300cr). These frauds would propel bank to make higher provisions in the coming period which would dent its profitability.Punjab National Bank had announced on February 14, 2018, that it had unearthed a $1.77 bn fraud at a branch in Mumbai. The fraud includes the issue of unauthorized letters of undertaking that was used mainly by firms led by Nirav Modi and his uncle, Mehul Choksi.
Investment & Trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
No comments:
Post a Comment