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PMC Bank Case: How Easy Is It To Manipulate The Core Banking System?
PMC Bank marked HDIL loans as standard even when they were NPA and used 21,049 dummy accounts to hide the extent of exposure.
11 Oct 2019, 09:38 PM IST
As the crisis at Punjab and Maharashtra Cooperative Bank unfolded, it emerged that top management at the lender had managed to hide the extent and status of loans given to entities related to the HDIL Group for years.The modus operandi, as revealed by the bank’s former managing director in a confession letter, involved marking loans as standard even when they were non-performing and using ‘dummy’ accounts to hide the extent of loans ...
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