Another PNB scam??; involving MUDRA scheme

This fraud is also being reported from Punjab National Bank

Another PNB scam??; involving MUDRA scheme

Is it yet another scam from the Punjab National Bank after the multi-crore loan default involving Nirav Modi and Mehul Choksi?

Coz the Central Bureau of Investigation (CBI) has registered a fresh case related to fraudulent loans issued under Prime Minister Narendra Modi’s flagship Micro Units Development and Refinance Agency (Mudra) scheme.

This fraud is also being reported from Punjab National Bank.

According to reports, a senior branch manager at PNB’s Barmer branch in Rajasthan is said to have dishonestly sanctioned and disbursed 26 Mudra loans in the duration between September 2016 and March 2017.

The disbursal could have cost the bank a loss of Rs 6.2 million, as has been alleged in the CBI report.

The scam occurred allegedly after the PNB sanctioned Mudra loans without conducting meaningful pre-inspection or physical verification of business spot.

The NDA government launched the Mudra scheme to give unsecured loans of up to Rs 1 million to small enterprises with the objective of boosting self-employment.

Under Mudra, the rate of interest of the loans is relatively low compared to other loans and the borrower is not required to submit collateral to banks at the time of availing the loan facility.

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