Indian banks may take $3 bn hit after $1.7 bn PNB fraud: I-T
Indian banks could take a hit of over $3 billion, following the $1.77 billion PNB fraud case, according to the Income Tax Department. This is attributed to loans and guarantees worth $2.74 billion that banks extended to companies tied to Nirav Modi and Mehul Choksi as of March 2017. SBI disclosed a $212 million exposure through PNB following the scam.