Moody's downgrades PNB's rating to 'junk' after $2-bn fraud
Global rating agency Moody's has downgraded Punjab National Bank to 'junk' by reducing its rating to Ba1 from Baa3 after the $2-billion Nirav Modi fraud. Moody's estimates that the bank will need between â¹12,000-13,000 crore in capital infusion this fiscal to strengthen its capital ratios. Given PNB's "very high" systemic importance, the government may provide "extraordinary support", it added.