RBI to take 'supervisory action' against fraud-hit PNB
In the wake of $1.77-billion fraud that has surfaced in Punjab National Bank this week, the Reserve Bank of India said it will take "appropriate supervisory action". It added that a supervisory assessment of control systems in PNB has already been undertaken. The RBI, however, denied reports that PNB had been asked to assume all liabilities arising from the fraud.