Fraud-hit India’s Punjab National Bank records loss of £7.26 billion in Q1
Radhakrishna N S
Fraud hit India’s second largest state run bank, Punjab National Bank (PNB) continued with its loss for the second consecutive quarter ended in June for the financial year 2018-19. The bank recorded a net loss of 7.26 billion GBP during April to June period, compared with a profit of 2.65 GBP during the same period last year. PNB recorded its second biggest quarterly loss after it reported a quarterly loss of 103.64 billion GBP in the last quarter of the financial year 2017-18. The bank reported heavy loss on the back of multi crore fraud cases involving business giants Nirav Modi and Mehul…
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