Will take ‘appropriate supervisory action’ in PNB fraud case: RBI

“RBI has already undertaken a supervisory assessment of control systems in PNB and will take appropriate supervisory action,” it said.  The RBI also denied media reports that it had directed PNB to meet its commitments under the letters of undertaking (LoUs) to other banks.

State-owned PNB detected a USD 1.77 billion scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.

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