Govt denies reports of banks taking $3 bn hit on PNB fraud
The Finance Ministry has denied reports which said that Indian banks could take a hit of more than $3 billion due to the PNB fraud. Calling the reports false and factually incorrect, the Ministry added that the I-T Department has not made any such prediction. PNB had detected a $1.77-billion fraud linked to jewellers Nirav Modi and Mehul Choksi.