close

News WrapGet Handpicked Stories from our editors directly to your mailbox

LoUs

Finance Ministry asks RBI to help ease industry troubles post-LoU ban

FinMin has asked RBI to look into the problems being faced by industry and banks by the abrupt ban on LoUs.

Mar 29, 2018, 21:01 PM IST

PNB to honour claims by banks, but with conditions: Reports

State Bank of India and three other state-run banks, Union Bank of India, UCO Bank and Allahabad Bank, are among lenders who have extended credit based on the LoUs issued by PNB that were later found to be fraudulent.

Mar 13, 2018, 12:02 PM IST

PNB fraud: RBI initiates audit of PSBs with focus on trade finance, LoUs

Most of the big banking frauds which were unearthed in the recent past, including the one perpetuated by diamantaire Nirav Modi and his associates, pertain to trade finance.

Mar 11, 2018, 18:06 PM IST

PNB fraud: CBI writes to five banks; seeks details of Nostro transactions

On the basis of 293 fraudulent Letters of Undertaking issued by it to billionaire jewellers Nirav Modi and his maternal uncle Mehul Choksi.

Feb 26, 2018, 22:42 PM IST

Will not tolerate loot of public money: PM Narendra Modi promises 'strict action' on PNB fraud

He said that the management of financial institutions as well as the supervisory bodies have to do their job diligently to check such frauds.

Feb 23, 2018, 22:28 PM IST

Finance Ministry writes to Hong Kong banks over PNB LOUs

The development comes over the PNB fraud case worth over Rs. 11,000 crore, which was allegedly committed by famous jeweller Nirav Modi.

Feb 23, 2018, 13:25 PM IST

PNB vows to book culprits of $1.77 billion fraud; ED, CBI turn up heat on Nirav Modi

The Central investigation agencies moved separate applications to the MEA seeking the revocation of passports of Nirav Modi and his maternal uncle Mehul Choksi.

Feb 16, 2018, 00:17 AM IST

PNB fraud: PC Jeweller says buys diamonds from local market in cash, not via LoUs

The BSE had sought clarifications from the firm after its share prices slumped nearly 20% to Rs 303 apiece in early trade.

Feb 15, 2018, 23:45 PM IST

Parliamentary panel seeks report from FinMin over PNB fraud

The state lender has suspended 10 officers and referred the matter to CBI for investigation.

Feb 15, 2018, 20:30 PM IST

How PNB fell victim to India's biggest bank fraud: All you need to know

The fraud, by far the biggest ever detected by an Indian bank, comes to light at a time when lenders, especially the state-run banks are hobbled by $147 bn in soured loans on their books.

Feb 15, 2018, 17:56 PM IST