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PNB scam is worth 3 days of Indian banking system’s interest: BSE CEO

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WASHINGTON: The talk of India’s banking sector plunging into a financial crisis is nothing but “fearmongering” as the amount of fraud in the Nirav Modi case is equivalent to just three days of interest of the country’s “solid” banking sector, BSE CEO Ashish Chauhan has said here.

India’s second-largest state-run lender Punjab National Bank (PNB) was hit by the country’s biggest-ever banking fraud of more than Rs 13,000-crore allegedly perpetrated by billionaire diamantaire Nirav and his associates in connivance with some bank officials.

Also read: Will be out of Nirav Modi mess in 6 months: PNB MD

A special CBI court has issued non-bailable warrants against Nirav and his uncle Mehul Choksi.

Addressing the Massachusetts Institute of Technology (MIT) students at the annual MIT India Conference yesterday, Chauhan, the Bombay Stock Exchange (BSE) head, said that India’s banking sector is fairly strong and regulated.

In fact, the amount of fraud being talked about in the PNB case is just three days of interest of the country’s banking sector, he said.

Chauhan, however, said the scandal would not have taken place had appropriate reforms in the banking sector including the RBI been taken after the 1992 Harshad Mehta scam.

BSE CEO

BSE CEO Ashish Chauhan


“We should have reformed the banking sector in 1992. This (Nirav Modi scam) would not have taken place if we had carried out the reforms then. But we have woken up now, we are doing a good job. One of them is demonetisation, other is the GST and third one is bankruptcy code,” Chauhan told participants of the day-long conference on the theme of Pioneering Innovation.

Also read: CVC had raised alarm a year before Nirav Modi-Mehul Choksi scam broke

Updated: April 9, 2018 — 8:52 am

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