{"id":52194,"date":"2018-04-04T16:28:26","date_gmt":"2018-04-04T10:58:26","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=52194"},"modified":"2018-04-04T16:28:26","modified_gmt":"2018-04-04T10:58:26","slug":"rbi-not-proper-auditing-cvc-pnb-fraud","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud","title":{"rendered":"RBI did not do proper auditing: CVC on PNB fraud"},"content":{"rendered":"<p><a href=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"169\" data-attachment-id=\"52195\" data-permalink=\"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud\/pnb\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?fit=970%2C545&amp;ssl=1\" data-orig-size=\"970,545\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"pnb\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?fit=640%2C360&amp;ssl=1\" class=\"alignleft size-medium wp-image-52195\" src=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?resize=300%2C169&#038;ssl=1\" alt=\"\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?resize=150%2C84&amp;ssl=1 150w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?w=970&amp;ssl=1 970w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Central Vigilance Commissioner K V Chowdary today said the Reserve Bank of India (RBI) had apparently not conducted an audit during the period of time when a Rs 13,000-crore scam hit the Punjab National Bank.<\/p>\n<p>Chowdary stressed the need to put into place a more robust auditing system.<\/p>\n<p>&#8220;They did not do this (an audit),&#8221; the head of the probity watchdog told PTI.<\/p>\n<p>The CVC exercises superintendence over the CBI which is looking into the over Rs 13,000-crore PNB fraud case.<\/p>\n<p>The RBI had the regulatory responsibility for the banking sector but any lack of integrity would be looked at by the Central Vigilance Commission, he added.<\/p>\n<p>Chowdary said according to the RBI, it had switched over from a periodic audit to a &#8220;risk-based&#8221; audit which is conducted when there is a financial risk involved.<\/p>\n<p>&#8220;To determine risk, they must have some parameters. Based on that they would have done that (auditing). (But) there was no apparent audit by the RBI during this period (of fraud),&#8221; Chowdary said.<\/p>\n<p>Union Finance Minister Arun Jaitley had in February slammed regulators for failing to detect the fraud, saying that unlike politicians, regulators in the Indian system were unaccountable.<\/p>\n<p>Chowdary pointed out that the RBI issues general guidelines as a regulator and also when foreign exchange is involved.<\/p>\n<p>&#8220;They are not going to see from branch to branch and bank to bank what they are supposed to do,&#8221; he said.<\/p>\n<p>It was primarily the responsibility of the banks to ensure that their business was conducted in a proper and ethical way, he added.<\/p>\n<p>He said when something goes wrong, &#8220;one cannot blame everybody&#8221;.<\/p>\n<p>&#8220;There is a systemic issue (here). They (RBI) have decided instead of every year or every once in two, three or four years, they will do it (risk-based auditing).<\/p>\n<p>&#8220;It is a good policy. But how they determine the risk parameters&#8230; and why this (fraud) did not come up are matters of detail,&#8221; Chowdary said.<\/p>\n<p>He, however, clarified that it was not just the PNB where an alleged fraud had taken place or that other banks were &#8220;100 per cent correct&#8221;.<\/p>\n<p>&#8220;But we have to only hope that they (the other banks) have a better system and that they are following the system,&#8221; Chowdary said.<\/p>\n<p>On a bank&#8217;s role in checking frauds, Chowdary said there are &#8220;no timelines&#8221; when it comes to deeper decision making processes.<\/p>\n<p>&#8220;There should be defined timelines. The preventive vigilance mechanism has to be strengthened. The guidelines and operating procedures have to be strengthened. It has to be ensured that they are followed,&#8221; he said.<\/p>\n<p>Asked about the investigation in the PNB scam, he said what the CVC was doing in the case could not be disclosed now as &#8220;it is work in progress&#8221;.<\/p>\n<p>&#8220;There are so many issues that the CVC is examining both with reference to processes set in motion by the RBI,&#8221; Chowdary said.<\/p>\n<p>The CBI is among various agencies looking into the over Rs 13,000-crore fraud allegedly committed by billionaire jeweller Nirav Modi and his uncle and Gitanjali Gems promoter Mehul Choksi.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Central Vigilance Commissioner K V Chowdary today said the Reserve Bank of India (RBI) had apparently not conducted an audit during the period of time when a Rs 13,000-crore scam hit the Punjab National Bank. Chowdary stressed the need to put into place a more robust auditing system. &#8220;They did not do this (an audit),&#8221; [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":52195,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[20371,1767,42196,18927,6173,42197],"class_list":["post-52194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news","tag-arun-jaitley","tag-central-vigilance-commissioner","tag-pti","tag-punjab-national-bank","tag-reserve-bank-of-india","tag-union-finance-minister"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>RBI did not do proper auditing: CVC on PNB fraud - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"Central Vigilance Commissioner K V Chowdary today said the Reserve Bank of India (RBI) had apparently not conducted an audit during the period of time - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBI did not do proper auditing: CVC on PNB fraud - Legal News India - Supreme Court &amp; High Court Updates\" \/>\n<meta property=\"og:description\" content=\"Central Vigilance Commissioner K V Chowdary today said the Reserve Bank of India (RBI) had apparently not conducted an audit during the period of time - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud\" \/>\n<meta property=\"og:site_name\" content=\"Legal News India - Supreme Court &amp; High Court Updates\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/LegalindiaCom\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-04T10:58:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"970\" \/>\n\t<meta property=\"og:image:height\" content=\"545\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Legal India Admin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Legal India Admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/rbi-not-proper-auditing-cvc-pnb-fraud#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/rbi-not-proper-auditing-cvc-pnb-fraud\"},\"author\":{\"name\":\"Legal India Admin\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#\\\/schema\\\/person\\\/0bfdffe9059fb8bb24a86d094609c5ea\"},\"headline\":\"RBI did not do proper auditing: CVC on PNB fraud\",\"datePublished\":\"2018-04-04T10:58:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/rbi-not-proper-auditing-cvc-pnb-fraud\"},\"wordCount\":519,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/rbi-not-proper-auditing-cvc-pnb-fraud#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2018\\\/04\\\/pnb.jpg?fit=970%2C545&ssl=1\",\"keywords\":[\"Arun Jaitley\",\"Central Vigilance Commissioner\",\"PTI\",\"Punjab National Bank\",\"Reserve Bank of India\",\"Union Finance Minister\"],\"articleSection\":[\"Top Law News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.legalindia.com\\\/news\\\/rbi-not-proper-auditing-cvc-pnb-fraud#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/rbi-not-proper-auditing-cvc-pnb-fraud\",\"url\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/rbi-not-proper-auditing-cvc-pnb-fraud\",\"name\":\"RBI did not do proper auditing: CVC on PNB fraud - Legal News India - Supreme Court &amp; High Court Updates\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/rbi-not-proper-auditing-cvc-pnb-fraud#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/rbi-not-proper-auditing-cvc-pnb-fraud#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2018\\\/04\\\/pnb.jpg?fit=970%2C545&ssl=1\",\"datePublished\":\"2018-04-04T10:58:26+00:00\",\"description\":\"Central Vigilance Commissioner K V Chowdary today said the Reserve Bank of India (RBI) had apparently not conducted an audit during the period of time - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/rbi-not-proper-auditing-cvc-pnb-fraud#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.legalindia.com\\\/news\\\/rbi-not-proper-auditing-cvc-pnb-fraud\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/rbi-not-proper-auditing-cvc-pnb-fraud#primaryimage\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2018\\\/04\\\/pnb.jpg?fit=970%2C545&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2018\\\/04\\\/pnb.jpg?fit=970%2C545&ssl=1\",\"width\":970,\"height\":545},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/rbi-not-proper-auditing-cvc-pnb-fraud#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Top Law News\",\"item\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/category\\\/top-law-news\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"RBI did not do proper auditing: CVC on PNB fraud\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/\",\"name\":\"Legal News India - Supreme Court & High Court Updates\",\"description\":\"Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#organization\"},\"alternateName\":\"Legal News India for Advocates, Lawyers & Law Students\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#organization\",\"name\":\"Legal News India: Supreme Court, High Courts & Govt Updates\",\"alternateName\":\"Legal News India for Advocates, Lawyers & Law Students\",\"url\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2018\\\/05\\\/538552_367793346590451_81997783_n.jpg?fit=250%2C250&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2018\\\/05\\\/538552_367793346590451_81997783_n.jpg?fit=250%2C250&ssl=1\",\"width\":250,\"height\":250,\"caption\":\"Legal News India: Supreme Court, High Courts & Govt Updates\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/LegalindiaCom\\\/\",\"https:\\\/\\\/x.com\\\/Legal_india\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#\\\/schema\\\/person\\\/0bfdffe9059fb8bb24a86d094609c5ea\",\"name\":\"Legal India Admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g\",\"caption\":\"Legal India Admin\"},\"sameAs\":[\"https:\\\/\\\/www.legalindia.com\",\"https:\\\/\\\/x.com\\\/legaliadmin\"],\"url\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/author\\\/legal-india-admin\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"RBI did not do proper auditing: CVC on PNB fraud - Legal News India - Supreme Court &amp; High Court Updates","description":"Central Vigilance Commissioner K V Chowdary today said the Reserve Bank of India (RBI) had apparently not conducted an audit during the period of time - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud","og_locale":"en_US","og_type":"article","og_title":"RBI did not do proper auditing: CVC on PNB fraud - Legal News India - Supreme Court &amp; High Court Updates","og_description":"Central Vigilance Commissioner K V Chowdary today said the Reserve Bank of India (RBI) had apparently not conducted an audit during the period of time - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.","og_url":"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud","og_site_name":"Legal News India - Supreme Court &amp; High Court Updates","article_publisher":"https:\/\/www.facebook.com\/LegalindiaCom\/","article_published_time":"2018-04-04T10:58:26+00:00","og_image":[{"width":970,"height":545,"url":"https:\/\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg","type":"image\/jpeg"}],"author":"Legal India Admin","twitter_misc":{"Written by":"Legal India Admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud#article","isPartOf":{"@id":"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud"},"author":{"name":"Legal India Admin","@id":"https:\/\/www.legalindia.com\/news\/#\/schema\/person\/0bfdffe9059fb8bb24a86d094609c5ea"},"headline":"RBI did not do proper auditing: CVC on PNB fraud","datePublished":"2018-04-04T10:58:26+00:00","mainEntityOfPage":{"@id":"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud"},"wordCount":519,"commentCount":0,"publisher":{"@id":"https:\/\/www.legalindia.com\/news\/#organization"},"image":{"@id":"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?fit=970%2C545&ssl=1","keywords":["Arun Jaitley","Central Vigilance Commissioner","PTI","Punjab National Bank","Reserve Bank of India","Union Finance Minister"],"articleSection":["Top Law News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud","url":"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud","name":"RBI did not do proper auditing: CVC on PNB fraud - Legal News India - Supreme Court &amp; High Court Updates","isPartOf":{"@id":"https:\/\/www.legalindia.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud#primaryimage"},"image":{"@id":"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?fit=970%2C545&ssl=1","datePublished":"2018-04-04T10:58:26+00:00","description":"Central Vigilance Commissioner K V Chowdary today said the Reserve Bank of India (RBI) had apparently not conducted an audit during the period of time - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.","breadcrumb":{"@id":"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud#primaryimage","url":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?fit=970%2C545&ssl=1","contentUrl":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?fit=970%2C545&ssl=1","width":970,"height":545},{"@type":"BreadcrumbList","@id":"https:\/\/www.legalindia.com\/news\/rbi-not-proper-auditing-cvc-pnb-fraud#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.legalindia.com\/news\/"},{"@type":"ListItem","position":2,"name":"Top Law News","item":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},{"@type":"ListItem","position":3,"name":"RBI did not do proper auditing: CVC on PNB fraud"}]},{"@type":"WebSite","@id":"https:\/\/www.legalindia.com\/news\/#website","url":"https:\/\/www.legalindia.com\/news\/","name":"Legal News India - Supreme Court & High Court Updates","description":"Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.","publisher":{"@id":"https:\/\/www.legalindia.com\/news\/#organization"},"alternateName":"Legal News India for Advocates, Lawyers & Law Students","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.legalindia.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.legalindia.com\/news\/#organization","name":"Legal News India: Supreme Court, High Courts & Govt Updates","alternateName":"Legal News India for Advocates, Lawyers & Law Students","url":"https:\/\/www.legalindia.com\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.legalindia.com\/news\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/538552_367793346590451_81997783_n.jpg?fit=250%2C250&ssl=1","contentUrl":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/538552_367793346590451_81997783_n.jpg?fit=250%2C250&ssl=1","width":250,"height":250,"caption":"Legal News India: Supreme Court, High Courts & Govt Updates"},"image":{"@id":"https:\/\/www.legalindia.com\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/LegalindiaCom\/","https:\/\/x.com\/Legal_india"]},{"@type":"Person","@id":"https:\/\/www.legalindia.com\/news\/#\/schema\/person\/0bfdffe9059fb8bb24a86d094609c5ea","name":"Legal India Admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g","caption":"Legal India Admin"},"sameAs":["https:\/\/www.legalindia.com","https:\/\/x.com\/legaliadmin"],"url":"https:\/\/www.legalindia.com\/news\/author\/legal-india-admin"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/04\/pnb.jpg?fit=970%2C545&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":51607,"url":"https:\/\/www.legalindia.com\/news\/will-take-appropriate-supervisory-action-pnb-case-rbi","url_meta":{"origin":52194,"position":0},"title":"Will take appropriate supervisory action in PNB case : RBI","author":"Legal India Admin","date":"February 18, 2018","format":false,"excerpt":"The Reserve Bank today said it has already undertaken an assessment of control systems at scam-hit Punjab National Bank and will take \"appropriate supervisory action\". The country's second largest state-run lender has been rocked by a Rs 11,400-crore fraud allegedly involving billionaire diamantaire Nirav Modi. In a statement, the central\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/pnb-fraud.jpg?fit=660%2C450&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/pnb-fraud.jpg?fit=660%2C450&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/pnb-fraud.jpg?fit=660%2C450&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":51653,"url":"https:\/\/www.legalindia.com\/news\/pnb-fraud-centre-opposes-plea-sit-probe","url_meta":{"origin":52194,"position":1},"title":"PNB fraud: Centre opposes plea for SIT probe","author":"Legal India Admin","date":"February 22, 2018","format":false,"excerpt":"The Centre today opposed in the Supreme Court a PIL seeking an independent probe and deportation of billionaire jeweller Nirav Modi in the over Rs 11,000 crore PNB fraud case, saying an FIR has been lodged and a probe was on. A bench comprising Chief Justice Dipak Misra and Justices\u2026","rel":"","context":"In &quot;High Profile Cases&quot;","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/Nirav-Modi-and-Mehul-Choksi-300x168.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":41496,"url":"https:\/\/www.legalindia.com\/news\/sc-asks-rbi-to-give-list-of-defaulters-of-over-rs-500-cr-loan","url_meta":{"origin":52194,"position":2},"title":"SC asks RBI to give list of defaulters of over Rs 500 cr loan","author":"Legal India News","date":"February 16, 2016","format":false,"excerpt":"The Supreme Court today directed the RBI to provide a list of companies which are defaulters of bank loans of over Rs 500 crore while expressing serious concern over the rise in bad loans. The apex court also asked the Reserve Bank of India(RBI) to provide within six weeks the\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/07\/SUPREME_COURT_2426338f.jpg?fit=636%2C477&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/07\/SUPREME_COURT_2426338f.jpg?fit=636%2C477&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/07\/SUPREME_COURT_2426338f.jpg?fit=636%2C477&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":21481,"url":"https:\/\/www.legalindia.com\/news\/officials-under-surveillance-of-cvc-for-alleged-corruption","url_meta":{"origin":52194,"position":3},"title":"Officials under surveillance of CVC for alleged corruption","author":"Legal India Admin","date":"July 4, 2012","format":false,"excerpt":"Almost 205 officials working in different government departments have come under the surveillance of Central Vigilance Commission (CVC) for their alleged involvement in corruption. Of these, a highest of 42 officials working with Central Board of Excise and Customs (CBEC), 19 from Ministry of Railways, 14 from State Bank of\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":49058,"url":"https:\/\/www.legalindia.com\/news\/gujarat-hc-raps-rbi-giving-directions-nclt","url_meta":{"origin":52194,"position":4},"title":"Gujarat HC raps RBI for giving directions to NCLT","author":"Legal India Admin","date":"July 18, 2017","format":false,"excerpt":"The Gujarat High Court today rebuked the Reserve Bank of India for asking the National Company Law Tribunal in its June 13 directive to give priority to the insolvency proceedings against companies with huge debts. It also questioned the functioning of the central bank. The bench of Justice S G\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"Gujarat HC raps RBI for giving directions to NCLT","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/08\/gujrat-hc.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":51685,"url":"https:\/\/www.legalindia.com\/news\/finance-minister-arun-jaitley-slams-regulators-failure-detect-pnb-fraud","url_meta":{"origin":52194,"position":5},"title":"Finance Minister Arun Jaitley slams regulators&#8217; failure to detect PNB fraud","author":"Legal India Admin","date":"February 25, 2018","format":false,"excerpt":"Finance Minister Arun Jaitley today slammed regulators for failing to detect the Rs 11,400-crore fraud at Punjab National Bank for seven long years, saying unlike politicians, regulators in the Indian system are unaccountable. Speaking on the scam for the second time this week, he said employees conniving with fraudsters is\u2026","rel":"","context":"In &quot;High Profile Cases&quot;","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/Arun-Jaitely.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/p6H5Bf-dzQ","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/52194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/comments?post=52194"}],"version-history":[{"count":0,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/52194\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media\/52195"}],"wp:attachment":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media?parent=52194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/categories?post=52194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/tags?post=52194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}