'Banks may take more than $3bn hit from PNB fraud'

Banks could take a hit of more than $3 billion from loans and corporate guarantees provided to diamond companies at the centre of a fraud at PNB. As of March 2017, banks had extended loans and guarantees worth Rs 17,632 crore to companies tied to billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the tax department said in a note seen by Reuters.

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