Global ratings agency Fitch has placed Punjab National Bank's (PNB) viability rating of 'bb' on rating watch negative (RWN), following the large fraud reported by the state-run bank. The rating agency said that it will "resolve the rating watch once more clarity emerges on the extent of control failures and the impact on PNB's financial position." RWN or rating watch negative reflects the possibility of a downgrade of PNB's viability rating following the detection of a large fraud in one of the bank's branches amounting to around Rs. 11,300 crore.
