RBI e-mail on risk control in November 2016 did not reach us, says PNB

CBI's probe into the Rs 143 billion Nirav Modi-Mehul Choksi fraud hinges on the premise that the Delhi-based bank did not follow suggestions made by the Reserve Bank of India (RBI) from time to time

Punjab National Bank (PNB) has claimed that the lender did not receive a crucial directive sent by the Reserve Bank of India (RBI) in November 2016 asking all commercial banks to strengthen their risk mechanism to avert fraud.
 
The RBI last week blamed the PNB board for the Rs 143 billion Nirav Modi-Mehul Choksi fraud.
 
The Central Bureau of Investigation’s (CBI’s) probe into the fraud hinges on the premise that the Delhi-based bank did not follow suggestions made by the RBI from time to time.
 
Documents reviewed by Business Standard show an interesting turn of events during