Latest News on Letters Of Credit
Showing of 0 - 10 from 12 results
Letters Of Credit - Total results - 12
Apr 26, 2018
PNB scam: PMO steps in, wants agencies to probe into new evidence provided by a whistleblowerPNB had alleged in January this year that its Mumbai branch had fraudulently issued LoU and FLC to Nirav Modi firms in connivance with deputy manager Gokulnath Shetty and other bank officials
Mar 29, 2018
Exclusive: Days after CBI FIR in PNB scam, Nirav Modi withdrew huge sum from an Indian bank in AntwerpPNB had alleged that its officials mainly Gokulnath Shetty and Manoj Karat of Brady House branch in Mumbai fraudulently issued LoUs without following bank’s prescribed procedures of obtaining required request applications, documents, approval of the authorities.
Mar 22, 2018
As more frauds surface, RBI issues strictures to auditors of PSBs to keep closer watch on banksIt has been reported that the companies falsify the figures on cash flow projections in order to get new loans from banks.
Mar 15, 2018
Importers face funding crunch with clampdown on credit guarantees, move could dent Rupee, say expertsThe RBI move bans banks from issuing letters of undertaking, or LoUs, a form of credit guarantee often used between Indian banks and their offshore branches
Mar 14, 2018
Bulk gold, diamond importers to take biggest hit as RBI bans LoUs and LoCs for trade credit after PNB scamRBI said letters of comfort and bank guarantees for trade credits for imports into India may continue to be issued subject to compliance with the certain guidelines.
Mar 13, 2018
Nirav Modi scam effect: RBI stops use of Letters of Undertaking for trade credit for importsThe RBI said the decision to discontinue the practice of LoUs and Letters of Comfort (LoCs) for trade finance comes into force with immediate effect
Mar 06, 2018
RBI and other agencies missed warning signs, failed to detect Rs 12,700-cr Punjab National Bank fraudReuters has uncovered new evidence that shows the RBI also failed for years to either detect the fraud or respond adequately to red flags in the banking system.
Feb 22, 2018
PNB fraud case: LoUs and FLCs favouring Nirav Modi and Mehul Choksi issued since 2008, bank officials tell CBIPractice of illegally issuing LoUs and FLCs and then rolling them over to favour Nirav Modi and Mehul Choksi groups started in 2008, PNB officials told CBI
Feb 20, 2018
PNB scam: RBI's role as banking watchdog far from impressive as swindles keep happening under its noseThe RBI is the central bank, and irrespective of the kind of bank it has to ring the warning bell by giving out timely disclosures.
Feb 19, 2018
PNB fraud: CBI questions 11 bank officials, Nirav Modi's staffer Vipul Ambani; asks banks to report irregularities in LoUsCBI questioned 11 PNB officials as well as Vipul Ambani, the chief financing officer of diamond merchant Nirav Modi's Firestar Internationl company