Indian banks’ QIP plans hit for six by PNB revelation

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22 Feb 2018

Indian state-owned Punjab National Bank sent shockwaves through the country’s financial system last week when it disclosed a $1.8bn fraud at one of its branches. The timing could not have been worse, with the announcement casting a shadow over other public sector banks, most of which are in dire need of capital, writes Jonathan Breen.

Most Indian state banks are either preparing to raise funds or have already begun raising funds through various methods over the past few months. One of the most common tools has been the qualified institutional placement, given its short execution period and ability to tap new investors. The ...

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