Nearly 30 banks paid out funds based on LoUs issued by PNB: Report
Nearly 30 banks are said to have paid out funds based on letters of undertaking (LoUs) issued by Punjab National Bank on behalf of jewellers Nirav Modi and Mehul Choksi and their companies,
A parliamentary committee’s report names banks such as State Bank of India, Union Bank of India, Allahabad Bank and Axis Bank among those that honoured the PNB guarantees, the Economic Times reported today.
The parliamentary committee’s report also includes foreign lenders.
“International branches of many other Indian banks, it is believed as many as 30, including State Bank of India, Union Bank of India, Allahabad Bank, Axis Bank and some foreign banks, lent money to a particular entity or many entities or companies based on these alleged fraudulent guarantees,” the committee said in its report.