RBI denies directing PNB to pay against LoUs

RBI denies directing PNB to pay against LoUs

The Reserve Bank of India has not said PNB to pay counterparty banks against Letters of Undertaking (LoUs) that was issued to Nirav Modi. The Punjab National Bank (PNB) states that it will not be liable for the $1.77 billion scam that involves jeweler Nirav Modi. The central bank posted on its website, ‘RBI denies having given any such instructions’ and imposes a supervisory assessment.

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