FM tells banks to check scam exposure
Finance Minister Pranab Mukherjee on Thursday directed all public sector banks, financial institutions and insurance companies to review their exposure to companies mentioned in a CBI investigation, which unearthed a major housing finance racket involving officials of Bank of India, Central Bank of India, Punjab National Bank, LIC, LIC Housing Finance and non-banking finance company Money Matters. Analysts said the unearthing of the racket would put downward pressure on banking sector stocks and adversely affect sentiment in the stock market.
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