Tag: ALLAHABAD BANK

Allahabad Bank’s exposure to Nirav Modi incident at Rs 2,362 cr

| Trisha Thomas

Allahabad Bank said it is exposed to the tune of  $366.87 million to the current incident involving diamond merchant Nirav Modi and the unauthorized Letters of Undertakings he allegedly secured from Punjab National Bank. However, said Allahabad Bank, it is not worried about getting its money back as the loans are guaranteed by PNB. “The […]

FULL TEXT – PNB STATEMENT on Nirav Modi; Axis, Allahabad Bank involved

| Trisha Thomas

Punjab National Bank, India’s second largest public sector bank, has issued a statement on exactly what happened in the Nirav Modi case that resulted in nearly $1.77 bln of unauthorized liabilities being taken on by the bank. In the statement, PNB detailed exactly how the bank was taken for a ride by some of its […]