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PNB issued over 41k LoUs since 2011, says Finance Ministry

Scam-hit Punjab National Bank had issued as many as 41,178 Letters of Undertaking (LoUs) since 2011, of which 1,590 were given to Nirav Modi, Mehul Choksi and their associates, the finance ministry has..

RBI's Letters of Undertaking ban not to impact Bengal jewellery industry

RBI ban on Letter of Undertaking (LoU) as a trade finance instrument, will not have much impact on the gems and jewellery industry in West Bengal, but a hike in bank's credit margin may hurt the..

Videos for "Letters Of Undertaking"

News video: Giant effigy of Nirav Modi to be burnt as part of 'Holika Dahan'

Giant effigy of Nirav Modi to be burnt as part of 'Holika Dahan' 01:00

Mumbai, Mar 01 (ANI): A giant effigy of PNB scam accused Nirav Modi will be burnt as a part of 'Holika Dahan' ritual at BDD Chawl in Mumbai's Worli area. The structure, which is more..
Source: News unlimited -

News video: CBI conducts searches at PNB branch in Mumbai along with accused

CBI conducts searches at PNB branch in Mumbai along with accused 01:25

Mumbai (Maharashtra), Feb 18 (ANI): The Central Bureau of Investigation (CBI) conducted searches at the Brady Road branch of the bank in Mumbai with the arrested Punjab National Bank’s former..
Source: News unlimited -


Rajnath defends BJP over Nirav Modi, Mallya case, asks 'who sanctioned loans to them'

 Amid allegations of the Bharatiya Janata Party (BJP) having given leeway for billionaire businessmen Nirav Modi, Vijay Mallya and others to flee the country, Union Home Minister Rajnath Singh..

Credit cost to rise as LoUs issuance discontinued: SBI Ecowrap

The RBI's decision to discontinue the Letters of Undertaking (LoUs) or Letters of Comfort (LoC) might increase the credit cost for imports as it will lead to a shift towards "other off-balance sheet"..

FICCI cautions Centre on possible reduction of credit support

[India], Mar. 16 (ANI): Responding to the Reserve Bank of India's (RBI) notice discontinuing the issuance of Letters of Undertaking (LOUs) and Letters of Comfort (LOCs) for trade credit for

PNB case brought bad name; an eye-opener: Venkaiah Naidu

Vice President M Venkaiah Naidu today said the developments at Punjab National Bank (PNB) has brought a bad name to the system and is an eye-opener as he pitched for greater transparency and ethical..
Deccan Herald

Order private banks to honour PSBs’ Letters of Credit: GCCI to RBI

Order private banks to honour letters of credit (LCs) of public sector banks (PSBs), the Gujarat Chamber of Commerce and Industry (GCCI) told national banking regulator RBI on Wednesday during a..

CBI detects another fraud at Mumbai Punjab National Bank

The Central Bureau of Investigation (CBI) has booked former deputy general manager of Punjab National Bank (PNB) Gokulnath Shetty, who is involved in issuance of Letters of Undertaking (LoUs) worth Rs..

PNB Fraud: No fraudulent LoUs in other banks, says bankers

The cost of borrowing will go up in the aftermath of Reserve Bank of India (RBI) scrapping the controversial Letters of Undertaking (LoUs), top bankers said on Thursday. The bankers also said that..

CBI registers fresh case related to Rs 9 crore fraud at PNB branch

cbi registers fresh case related to rs 9 crore fraud at pnb branch
The CBI has registered a fresh case relating to "fraudulent" issuance of Rs 9 crore of Letters of Undertaking, LoUs by Mumbai's Brady House branch of Punjab National Branch. The LoU was issued to..
All India Radio

Reserve Bank's decision to ban LoUs is a knee-jerk reaction; can backfire badly, warn traders

Those running small and midsize firms rue that the RBI is asking banks to view businessmen, seeking letters of undertaking (LoU), with a doubting eye.

Importers face funding crunch with clampdown on credit guarantees, move could dent Rupee, say experts

The RBI move bans banks from issuing letters of undertaking, or LoUs, a form of credit guarantee often used between Indian banks and their offshore branches

Ex-PNB official Shetty booked in Rs 9-crore LoU fraud with another company

Apparently, the Nirav Modi and Mehul Choksi groups were not the only ones indulging in frauds related to Letters of Undertaking (LoUs) issued by the Punjab National Bank (PNB) officials.

Small exporters' costs may rise

Small- and medium-sized exporters in certain sectors, such as gold, could see a jump in costs after the RBI decided to ban letters of undertaking (LoUs) in the wake of the $2-billion fraud at the PNB.

Ban on LOUs/LUTs to impact trade facilitation and ease of doing business: PHD Chamber

[India], Mar 15 (ANI-NewsVoir): Anil Khaitan, President, PHD Chamber of Commerce and Industry expressed his disappointment over RBI's announcement on discontinuation of Letters of Undertaking
Sify Also reported by •NewsVoir

RBI's ban on Letters of Undertaking to have disruptive impact in immediate term: Corporate India

Industry bodies on Wednesday said RBI's decision to ban Letters of Undertaking (LOUs) for trade credit for imports will have a disruptive impact, at least in the immediate term, as small businesses..

Scrapping of LoUs by RBI will raise cost of credit: CII

Reacting to RBI's decision to scrap the system of issuing Letters of Undertaking (LoUs) and Letters of Comfort (LoC) by banks in the wake of the Rs 12,600 crore fraud on state-run Punjab National Bank..

Nifty, Sensex fall; bank stocks slip as RBI bans LoUs

(Reuters) - Indian shares fell on Wednesday after a central bank directive banning issuance of letters of undertaking (LoU) by lenders hit bank stocks while revelations by Punjab National Bank of..
Reuters India

Nirav Modi scam effect: RBI stops use of Letters of Undertaking for trade credit for imports

The RBI said the decision to discontinue the practice of LoUs and Letters of Comfort (LoCs) for trade finance comes into force with immediate effect

Sensex, Nifty slip as metal, auto stocks decline

The benchmark BSE Sensex closed marginally down by 21 points at 33,835.74 after a choppy trade due to selling in oil and gas, auto and metal stocks amid a global sell-off on heightened trade war..
Deccan Herald

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