Punjab National Bank (PNB) today said it has tightened bank’s credit underwriting norms to curb frauds and has put in place an off-site monitoring to identify risks.
“The bank has strengthened the process of underwriting of credit to wean out any possibility of fraudulent behaviour and ensure a fair evaluation,” the bank said in a statement.
The second largest public sector lender had reported an alleged fraud of over Rs 13,000 crore by diamantaire Nirav Modi in February-March this year.
The process is divided into four components with different employees focused on sourcing; appraisal, processing and underwriting; documentation and disbursement and recovery, PNB said.
“Internal audit process has been augmented to give higher weightage to the off-site…
