Category: questions

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India: PNB scandal poses sophisticated questions for PM Modi

New Delhi, India – On the morning of February 16, India’s second-largest state-run bank, Punjab National Bank (PNB), quietly announced to the stock exchange authorities in Mumbai that it has been defrauded of $1.8bn. But things hardly remained quiet. Within minutes, hell had broken loose in India’s financial markets. Indices tanked, especially the share prices…