PNB Rs 12,700 cr scam: RBI conducts risk-based supervision on annual basis, clarifies bank

New Delhi: Denying reports that RBI has not conducted any audit at PNB's Brady House branch in Mumbai, the state-run lender on Thursday said RBI conducts risk-based supervision of the bank on an annual basis.

 PNB Rs 12,700 cr scam: RBI conducts risk-based supervision on annual basis, clarifies bank

Punjab National Bank. AP.

Diamantaire Nirav Modi and his uncle Mehul Choksi are alleged to have colluded with officers of the branch to fraudulently obtain guarantees for availing loans from overseas branches of Indian banks.

"It may be clarified that RBI does risk-based supervision of the bank on an annual basis," PNB said in a statement.

The bank has been scammed to the tune of Rs 12,700 crore by Modi and associates.

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Updated Date: Mar 01, 2018 13:12:07 IST