PNB to shut all operations at fraud-hit Brady House branch in Mumbai

Punjab National Bank (PNB) is closing nearly all its operations in a Mumbai branch that was at the heart of a $2 billion fraud, according to four sources with knowledge of the decision.

The move to downsize the Brady House branch, which has come to symbolise the biggest banking scandal in the country’s history, comes as India’s second-largest state lender seeks to tighten controls and restore its reputation.

The 123-year-old bank has lost more than half its market value since the fraud came to light in late January.

PNB will move all big client accounts out of the branch in