The Reserve Bank of India has issued draft directions to streamline and regulate non-fund based (NFB) credit facilities, such as guarantees and letters of credit, across all regulated entities (REs) ...

especially in the use of Letters of Undertaking (LoUs) and the SWIFT messaging system. Role of PNB officials The fraud came to light when PNB, a public sector bank, filed a complaint with the ...

Dubbed one of the biggest scams in the history of Indian banking, the scam involved the misuse of financial instruments to ...

Rather, it warms the body up, making it a less-than-ideal choice for hot Indian summers. Ice-creams, especially those with a ...

Seven years after he fled India just before the discovery of an astronomical Rs 14,000 crore scam, fugitive diamantaire Mehul Choksi was arrested in Belgium on Saturday. The Belgian Justice ...

The 65-year-old businessman who is a prime accused in the Rs 13,000 crore Punjab National Bank (PNB) fraud is likely to be ...

This comes at a time when IndusInd Bank has denied reports that PwC has submitted ... Two PNB employees issued these documents, known as Letters of Undertaking (LoC), misusing the SWIFT messaging ...

“We write as representatives ... Palestinians in the West Bank, strangling the Palestinian economy and building more new settlements than ever,” the letter read. The letter underscores a ...

They allegedly used letters of undertaking (LoUs) and foreign letters of credit (FLCs) by bribing officials of the bank's Brady House branch in Mumbai. Choksi and Modi fled India in January 2018 ...

The alleged fraud was executed through the misuse of Letters of Undertaking (LoUs), which are bank guarantees issued for overseas credit. Between 2011 and 2018, two employees at PNB's Brady House ...