PNB to shut operations at Mumbai brady house branch

Punjab National Bank is closing nearly all its operations in a Mumbai brady branch that was at the heart of a Rs. 143 billion fraud, according to sources.

The move to downsize the branch, which has come to symbolise the biggest banking scandal in the country’s history, comes as PNB 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.