India’s loan fraud problems go deeper than PNB: Unpublished data
PNB has shocked the investors after disclosing the $1.77 billion fraud by billionaire jeweller Nirav Modi. However, the problem is much deeper than that as according to an unpublished data by Reserve Bank of India, which is obtained through right-to-information request, shows state-run banks have reported 8,670 “loan fraud” cases accumulating $9.58 billion over the last five financial years up to March 31, 2017.