Nirav Modi impact: RBI scraps letters of undertaking for import trade credits – Business Line
Nirav Modi impact: RBI scraps letters of undertaking for import trade credits
With the fraudulent letter of undertaking (LoU) scam aggregating ₹12,600 crore at Punjab National Bank shaking the banking system, the Reserve Bank of India on Tuesday asked banks to discontinue issuance of LoU/Letter of Comfort (LoC) for trade credits ...
RBI Stops Letters Of Undertaking For Import Trade Credits
RBI discontinues issuing of LoUs on trade credit for imports; PNB discloses additional exposure of Rs 942 cr
Nirav Modi fallout: RBI discontinues LoUs, may impact trade financing