PNB To Honour R s. 6,500 Crore Worth In Fraudulent Guarantees

Punjab National Bank (PNB) said it would honour payments of about R
6,500 crore ($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 (LoUs) and foreign letters of credit, the bank said.

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