PNB Fraud: RBI Discontinues LoUs And LoCs As Trade Credits
RBI's decision has come in after it was alleged that Nirav Modi secured fake LoUs by colluding with a former bank personnel. The PNB scam since it came to light on February 14 has scaled in quantum of fraud to now value Rs. 13,640 crore from the initial Rs. 11,400 crore.