Punjab National Bank’s (PNB’s) gold import business has taken a hit after the Nirav Modi swindle. Foreign banks are not willing to sell gold to the scam-tainted public sector bank, said sources. Foreign banks selling gold to PNB are not willing to take risks.
Concerns about weak compliance after it was struck by fraudulent letters of undertaking (LoUs) linger, said people in the know. Several banks, including PNB, are nominated agencies for gold imports on behalf of traders and bullion refiners. In recent months, PNB has emerged as one of the largest ...
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST Rs
Key stories on business-standard.com are available to premium subscribers only.
Already a premium subscriber? LOGIN NOW
First Published: Mon, March 05 2018. 21:02 IST
RECOMMENDED FOR YOU