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    ISAS Briefs

    Quick analytical responses to occurrences in South Asia

    558 : The Punjab National Bank Fraud In India: Failure Of Institutional Controls And Oversights

    S Narayan

    2 March 2018

    In mid-February 2018, India was rocked by the revelation of a US$1.77 billion (S$2.34 billion) fraud case at a single branch of one of the country’s largest state-run banks, Punjab National Bank (PNB). The PNB scandal reflects the failure of institutional controls and oversight mechanisms. The correctives must emerge from a strong enforcement of ethical standards of institutional behaviour.