We take a closer look at the Punjab and Maharashtra Bank crisis that has been dominating headlines for several days now. Sources are now confirming a multi-crore loot in the cooperative bank which lent Rs 6,200 crore to real-estate developer HDIL which has since filed for bankruptcy. That's a staggering 70 percent of the bank's total loans going to a single firm. It's now becoming apparent that the top management of PMC Bank blatantly flouted regulations that do not allow such a large exposure to a single sector in this case, real estate, let alone to a single firm. In what appears to be a blatant conflict of interest, the Chairman of PMC Bank, Waryam Singh, was on the board of directors of HDIL till 2015. So how did such an obvious conflict of interest go unnoticed? Did multiple checks and balances fail, internal audits, audits by the RBI all fail to detect these irregularities?