PNB to honour nearly $1 billion worth in fraudulent guarantees
PNB’s board has decided to honour payments on about 350 of the letters of undertaking and foreign letters of credit.
business Updated: Mar 28, 2018 20:16 IST
People walk past as CBI team seals Punjab National Bank’s South Mumbai branch at Brady House in Mumbai.(PTI File Photo)
Punjab National Bank said it would honour payments of about Rs 65 billion ($997.4 million) worth in fraudulent guarantees issued by rogue bank staff in what has been dubbed as the country’s biggest bank fraud.
The bank’s board has decided to honour payments on about 350 of the so called letters of undertaking and foreign letters of credit, the bank said.