MUMBAI -- Ratings agencies such as Moody's and Fitch Ratings have put Punjab National Bank under watch after it allegedly fell victim to fraud.
Others including CRISIL and Nomura are also reviewing their ratings for the lender after speaking to management. The bank shocked the market last week by announcing that billionaire jeweler Nirav Modi and his companies had allegedly used fraudulent letters of undertaking from a branch of Punjab National Bank in Mumbai to secure loans, of up to 113-billion-rupee ($1.8 billion), from other Indian banks overseas.
