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The Finance Ministry reportedly wrote to four Hong Kong banks that got LOUs from the Punjab National Bank.
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Updated : Feb 23, 2018, 11:05 AM IST
 "After PNB scam, PSU banks to appoint special agency to monitor loans above Rs 250 crore")
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After scam worth thousand crore unearthed in Punjab National Bank, Finance Ministry on Friday reportedly asked the public sector banks would appoint a special agency to keep a check on the statis for all loans above Rs 250 crore.
Quoting financial ministry sources, news agency ANI reported that several regulatory measures had been put in place. Sources said, "All banks would have to reconcile LOUs they had been given. PSU banks would appoint special representative or agency to monitor status for all loans above Rs 250 crore, consortium also can't be exceeded to seven banks."
Several regulatory measures put in place- all banks to reconcile LOUs they have given.PSU banks to appoint special representative or agency to monitor status for all loans above rs 250 crore,consortium can't exceed 7 banks: Finance Ministry Sources
— ANI (@ANI) February 23, 2018
The resources further said that the Finance Ministry wrote to four Hong Kong banks that got LOUs from the Punjab National Bank.
Several regulatory measures put in place- all banks to reconcile LOUs they have given.PSU banks to appoint special representative or agency to monitor status for all loans above rs 250 crore,consortium can't exceed 7 banks: Finance Ministry Sources
— ANI (@ANI) February 23, 2018
Finance Ministry wrote to SBI, Axis Bank, Allahabad Bank and Bank of India and had asked the banks to reconcile accounts and check for other suspicious irregularities.
Meanwhile, Scam-hit Punjab National Bank (PNB) on Thursday asked billionaire diamond jeweller Nirav Modi to come up with a concrete and implementable plan to settle the loss caused to it by fraudulent issuance of Letter of Undertakings (LoU) through one of its branches.
PNB said this in its response to a mail written by Nirav Modi, who allegedly cheated the bank of Rs 11,400 crore in connivance with a few bank officials.
"You were getting LoUs issued illegally and in an unauthorized way through few bank officials. At no stage such facilities were extended by our bank to your three partner firms," sources said citing mail response sent by PNB General Manager (international banking division) Ashwini Vats to Nirav Modi.
