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The Parliamentary Standing Committee on Finance on Thursday questioned finance ministry officials about the $1.77 billion fraud in the state-owned Punjab National Bank (PNB) and asked them to submit a report on it.

The committee, which met to deliberate on the demands for grant, asked officials including Secretary, Financial Services, Rajiv Kumar, as to how tax payers’ money could be used for recapitalising the bank which was not managed well.

“Members expressed their concern over such large scale fraud in the Punjab National Bank and questioned the recapitalisation process of the state-run banks when they are not well managed and tax payers money is leaking,” said a member, who was present at the meeting.

Moily-led committee

The committee is headed by senior Congress leader Veerappa Moily, while former Prime Minister Manmohan Singh is also member.

“The committee has asked the finance ministry officials to submit a report before the panel on this fraud,” said another member who was present in the meeting.

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