Here are five things to know about the PNB scam:
1. In a filing to the BSE late on Monday, PNB said the amount of unauthorised transactions could go up by more than Rs 1,300 crore. "...We have to inform that quantum of reported unauthorised transactions can increase by $204.25 million (approximately)," PNB said in its regulatory filing.
2. At the current exchange rate, the amount comes to around Rs 1,323 crore.
4. The scam was perpetrated by way of fraudulent Letters of Undertaking (LoUs) generated in the name of Punjab National Bank.
5. Bad loans: The discovery of the scam by state-run Punjab National Bank comes at a time when banks in the country are struggling with over Rs. 9.5 lakh crore ($148 billion) in non-performing assets (NPAs) or bad loans. These soured loans include non-performing, restructured or rolled-over loans and state-run banks account for the bulk of these loans.
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