SBI discloses Rs 1,360 crore exposure through PNB
Sat 17 Feb 2018, 15:33:17
SBI on Friday said it has an exposure of $212 million (about Rs 1,360 crore) in respect to letter of undertaking issued by Punjab National Bank to Nirav Modi, but does not have any direct exposure to the absconding jewellery designer.
"We don't have any direct exposure on Nirav Modi but we do have some exposure on Punjab National Bank," State Bank of India Chairman Rajnish Kumar told reporters here on Friday.
He said the bank has lent $212 million to Modi on the basis of LoU issued by PNB.
Kumar, however, said the bank has some exposure to
Gitanjali Gems, owned by Mehul Choksi, uncle of Nirav Modi.
Gitanjali Gems, owned by Mehul Choksi, uncle of Nirav Modi.
Union Bank has $300 m exposure
Union Bank of India has said it has an exposure of $300 million (around Rs 1,915 crore) to the Rs 11,400-crore PNB fraud case but stressed its money is safe and it will recover that. "We wish to inform you that the bank through our foreign branches has been taking exposure with PNB as counterparty under various Letters of Undertakings (LoU) issued through authenticated SWIFT message," Union Bank of India said in late night filing to stock exchanges.
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