PNB case: Banks ignored RBI’s warnings of flaw in system, possible fraud

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Even as the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) stepped up their investigation, conducting searches across Nirav Modi’s premises, and the Central Vigilance Commission (CVC) swung into action, it is now evident that several warnings issued by the Reserve Bank of India (RBI) about the possibility of such banking frauds were ignored by bank managements.
Read more at Hindustan Times.

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