Exporters may get relief soon as finance ministry asks RBI to review decision on LoU ban
RBI last month banned issuance of LoUs and Letters of Comfort (LoC), used extensively for trade finance, following the unearthing of Nirav Modi fraud case.
Apr 02, 2018, 12:49 PM IST
Banks write to RBI post LoU ban; seek relief for small and medium enterprises
Reserve Bank of India this month banned issuance of LoUs and Letters of Comfort (LoC), used extensively for trade finance, following the unearthing of Nirav Modi fraud case.
Mar 30, 2018, 14:39 PM IST
PNB scam fallout: RBI bars banks from issuing LoUs, LoCs
The change in regulations may hit import dependent businesses and trade that are often reliant on LoUs to get bank guarantees.
Mar 14, 2018, 06:45 AM IST
PNB scam may be bigger; bank says it could rise to more than Rs 12,700 crore
The scam was perpetrated by way of fraudulent Letters of Undertaking (LoUs) generated in the name of Punjab National Bank.
Feb 27, 2018, 08:26 AM 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 identifies lenders over LoUs issued in Nirav Modi fraud case
The LoUs were issued on behalf of Diamond R US, Solar Exports, Stellar Diamonds.
Feb 15, 2018, 14:23 PM IST
