Last RBI audit done in 2009: PNB in Nirav Modi fraud report
Following the alleged $2-billion fraud involving jewellers Nirav Modi and Mehul Choksi, PNB admitted in a report that RBI's last audit was done in March 2009. Notably, RBI is supposed to audit scheduled banks every year. PNB also revealed that its Core Banking Solution and SWIFT messaging system were not linked for several years as the bank was upgrading software.