Same old story? How banks ignored alertsIMAGE: The Punjab National Bank branch where fraudulent transcations worth USD 1.77 bn were detected, in Mumbai. .Photograph: Shirish Shete/PTI Photo. Despite the rating agency CARE withdrawing the ratings assigned to the bank facilities of FIPL “with immediate effect”, Modi’s company received uninterrupted letters of undertaking from PNB, which were honoured by other banks until a few weeks ago. Banks led by Punjab National Bank ignored crucial warnings by CARE Ratings ... Rediff.com, 2 months ago |