Tightened loan norms to curb frauds: PNB
Punjab National Bank (PNB) has said it has tightened bank's loan underwriting norms to curb the possibility of any fraud and ensure a fair evaluation. "Internal audit process has been augmented to give higher weightage to the off-site monitoring mechanism," the bank said. This comes after jewellers Nirav Modi and Mehul Choksi allegedly defrauded the bank of $2.1 billion.