Home / Breaking News / PNB Have To Pay Rs 113 Bn Say’s RBI: The Alert India

PNB Have To Pay Rs 113 Bn Say’s RBI: The Alert India

Edited by: Alert India  Desk, New Delhi [ Published on: February 16, 2018 14:30[IST ]

In a recent development in one of India’s biggest banking scams, the Reserve Bank of India (RBI) has directed (PNB) to pay the entire Rs 113 billion to other banks, says a report.PNB on Wednesday made a startling revelation that it had detected a colossal fraud worth Rs 113 billion in one of its Mumbai branches. Sources from the have told Economic Times that the central bank has made its stand clear in the alleged fraud involving jeweller Nirav Modi.”has made their stand very clear that PNB is liable to pay dues to peer  If PNB does not pay up, it will lead to double provisioning– both PNB and 30 other will have to provide for the huge loss,” said officials familiar with the development.In a letter to 30 banks, PNB said the other had violated norms. “Letters of the undertaking were opened in favour of overseas branches of Indian for import of pearls for one-year period as against the guidelines that stipulate only 90-day timeline from date of shipment. This 90-day timeline stipulated has been overlooked by overseas branches of Indian banks,” the letter read.While other have rejected PNB’s allegations, the stressed bank has categorically refused to pay back.

Source

About thealertindia.com

Check Also

Nirav Modi May Be Arrested In London: The Alert India

Edited by: Alert India  Desk, New Delhi [ Published on: Aug 23, 2018 23:10[IST] New Delhi: Nirav …

Leave a Reply

Your email address will not be published. Required fields are marked *