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Total 30 results found. Search for [ LoCs ]

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BusinessToday.In
New Delhi, August 7, 2018
According to the committee, the RBI should have engaged more in consultations with stakeholders on the matter before resorting to discontinuation of LoU/LoCs [letters of comfort].


BusinessToday.In
New Delhi, June 28, 2018
The Winsome Diamond Group had taken a loan of Rs 6,800 crore from a consortium of banks led by the Standard Chartered Bank. Like the recent PNB fraud, in this case too, the PNB had the highest exposure of Rs 1,800 crore.


PTI
May 11, 2018



PTI
May 11, 2018



PTI
May 8, 2018



PTI
May 3, 2018



PTI
April 15, 2018
Gross NPAs of all the banks in the country amounted to Rs 8,40,958 crore in December, led by industry loans followed by services and agriculture sectors, as per the government estimates.


Virendrasingh D Ghunawat
April 9, 2018
Shetty also blamed Rajesh Jindal, who was GM of PNB's Brady House branch between August 2009 and May 2011, for directing the fraud, and prime accused Nirav Modi and his partner Mehul Chokshi for blackmailing him from 2010 to 2017.


PTI
April 4, 2018



BusinessToday.In
New Delhi, April 4, 2018
Several systemic loopholes led to PNB loan fraud, says ICAI panelA high-power group, constituted by the Institute of Chartered Accountants of India (ICAI) to look into the PNB loan fraud case, has found systemic failure at many levels that led to the fraud in the first place and then failed to detect it for a long time. The group found that Nirav Modi's company was granted loan despite his company having only current account with the Brady House branch of the bank. \"When there is...


Dipak Mondal
New Delhi, April 3, 2018
The group found that Nirav Modi's company was granted loan despite his company having only current account with the Brady House branch of the bank. \"When there is only current account, no credit facility should be granted -- neither the letter of undertakings (LoUs) nor Letter of credit (LoCs),\" says SB Zaware, member, Central Council, ICAI.


BusinessToday.In
March 29, 2018
The country's biggest banking scam has just expanded further. Karnataka Bank today reported a fraud totalling Rs 86.47 crore in loans extended to Mehul Choksi-promoted Gitanjali Gems. Choksi and his nephew Nirav Modi are the key accused in the Rs 13,600 crore Punjab National Bank scam.


PTI
March 26, 2018



BusinessToday.In
March 26, 2018
It's been well over a month since Nirav Modi's fraudulent LoU scam was unearthed at the Punjab National Bank (PNB), but the troubles for PNB are showing no sign of abatement. The beleaguered public sector lender is now staring at a shady title of 'defaulter', a first for any bank in India.


BusinessToday.In
March 23, 2018
PNB has said that the details regarding money withdrawn from the foreign branch of the other banks against each LoU is presently not available as the matter is 'under investigation'.


BusinessToday.In
New Delhi, March 21, 2018
The bank has been informed about the involvement of some officials who may have assets abroad, and the PNB is also seeking legal opinion in the matter


BusinessToday.in
March 15, 2018
The PNB is at the centre of India's biggest banking scam where two of its officials allegedly issued as many as 1,213 LoUs fraudulently for the group of companies belonging to billionaire jewellers Nirav Modi and Mehul Choksi.


Sahil Joshi
Mumbai, March 15, 2018
The ED has already issued Letter Rogatory (LR) - a request sent to a foreign court for judicial assistance - to 13 countries, including Hong Kong and UAE, to seek their cooperation in the investigation. 


BusinessToday.In
New Delhi, March 14, 2018
RBI has banned the issuance of letters of undertaking and letters of comfort to plug the loopholes in the system. Both these instruments were forms of credit guarantee, often used by importers to fund their overseas purchases. Watch BusinessToday.In Editor Rajeev Dubey talk about why RBI banned LoUs and LoCs, but decided to continue with the letters of credit (LCs) and bank guarantees.


BusinessToday.In
March 14, 2018
Bank Guarantees and LCs are considered less risky because receiving banks have to conduct their own credit appraisal on companies before accepting them.


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