• Ashutosh Kolte
• Paresh Wagh

The Punjab National Bank (PNB) lost $1.77 billion in Nirav Modi case. The magnitude of the scam is very huge. This puts serious questions regarding how the scam took place either due to combination of external &internal processes or some other reasons, the technicalities behind the scam related to SWIFT, CBS, auditing etc. and the extent of scam impact as whole have been found out in this paper. The RBI is facing questions from the public regarding why it did not able to detect the banking scam during the auditing. The causes of this big scam with technical base and the scam impact have been found out. Now, this is the time where all Public Sector Banks (PSBs) should learn from such types of happenings. In this paper, the identification of the scam & its analysis is carried out. This paper also focuses on the failure of the audit and internal processes and practices that caused the scam.

PNB Scam; Nirav Modi; Banking Scam; India; Nationalized Banks; RBI Regulations

"Analyzing Punjab National Bank Scam ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 6, page no.585-592, June 2019, Available :http://www.jetir.org/papers/JETIR1907386.pdf

"Analyzing Punjab National Bank Scam ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 6, page no. pp585-592, June 2019, Available at : http://www.jetir.org/papers/JETIR1907386.pdf