Twitter
Advertisement

PNB Fraud: ICAI to look at cos with over Rs 2K-cr loans

The group has to suggest remedial measures and improvement in the banking system to ensure preventive measures to avoid another PNB-scam like incident

Latest News
article-main
FacebookTwitterWhatsappLinkedin

The first meeting of the high-power group of the Institute of Chartered Accountants of India (ICAI) formed to look into the systemic issues in the Punjab National Bank fraud case was held on Friday wherein it had summoned the PNB's deputy general manager. The ICAI also said that it will examine the corporate borrowers that have outstanding loans of Rs 2,000 crore or more. To that end, it has asked the Reserve Bank of India (RBI) for a list of corporate borrowers from the Public Sector Banks (PSBs) and the data will be examined for any possible violation of accounting and auditing standards, ICAI said.

The group has to suggest remedial measures and improvement in the banking system to ensure preventive measures to avoid another PNB-scam like incident.

The ICAI, which functions under the administrative control of the finance ministry, is probing the role of the auditors in the alleged Rs 11,000-crore fraud involving billionaire diamond jewellers Nirav Modi and Mehul Choksi. It has also sent showcause notices to the auditors of the scam-hit PNB and Geetanjali Gems.

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement