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PNB Fraud: Experts debate what went wrong

Almost a week after the Rs 11400 crore rupee fraud at the Punjab National Bank (PNB) came to light, the Finance Minister has broken his silence. Speaking at an event in Delhi, Arun Jaitley held the management of the bank, auditors and the regulator Reserve Bank of India (RBI) responsible for the fraud allegedly perpetrated by Nirav Modi and his associate companies. CNBC-TV18's Shereen Bhan caught up with experts to find what went wrong and what could have been done better.

Almost a week after the Rs 11400 crore rupee fraud at the Punjab National Bank (PNB) came to light, the Finance Minister has broken his silence. Speaking at an event in Delhi, Arun Jaitley held the management of the bank, auditors and the regulator Reserve Bank of India (RBI) responsible for the fraud allegedly perpetrated by Nirav Modi and his associate companies.

In a scathing indictment of the then PNB management, Finance Minister said, "They have been found wanting."

He went on to question the role of both internal and external auditors questioning, "What were they doing?" He also trained his guns at the regulator - RBI, saying that it should "introspect".

CNBC-TV18's Shereen Bhan caught up with experts to find what went wrong and what could have been done better.

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