14/03/2018: NEWS: PNB fraud fallout: RBI bars issuance of LoUs

Published: 14/03/2018
14/03/2018: NEWS: PNB fraud fallout: RBI bars issuance of LoUs
Source: EPAPER.LIVEMINT.COM

The Reserve Bank of India (RBI) on Tuesday barred banks from issuing letters of undertaking (LoUs), the instruments used by Nirav Modi and Mehul Choksi to defraud Punjab National Bank (PNB), in a move that may deal a blow to trade financing in India...

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