PNB scam: Embarrassed as a banker, says Uday Kotak

"I am embarrassed as a banker” that is Uday Kotak's reaction to the Rs 11,400 crore alleged fraud at Punjab National Bank (PNB). Reacting to the Nirav Modi scandal, Uday Kotak, Vice Chairman & MD of Kotak Mahindra Bank said it is time to focus on a new institutional framework for public sector undertaking (PSU) banks and "not finger pointing" at bankers, regulators or others. CNBC-TV18’s Shereen Bhan caught up with Uday Kotak ahead of this year's Chasing Growth Annual Conference held by the group. Kotak also hinted that there is could be further correction in the stock markets and it will only make Dalal Street "more healthy".

CNBC-TV18

February 23, 2018 / 19:46 IST

"I am embarrassed as a banker” that is Uday Kotak's reaction to the Rs 11,400 crore alleged fraud at Punjab National Bank (PNB). Reacting to the Nirav Modi scandal, Uday Kotak, Vice Chairman & MD of Kotak Mahindra Bank said it is time to focus on a new institutional framework for public sector undertaking (PSU) banks and "not finger pointing" at bankers, regulators or others. CNBC-TV18’s Shereen Bhan caught up with Uday Kotak ahead of this year's Chasing Growth Annual Conference held by the group. Kotak also hinted that there is could be further correction in the stock markets and it will only make Dalal Street "more healthy".

For more, watch accompanying video…

CNBC-TV18

first published: Feb 21, 2018 07:03 pm

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347