No state-owned lender issued fake LoUs except for PNB: SBI
All state-owned banks have verified Letters of Undertaking (LoUs) issued by them, and there are no unauthorised LoUs except those issued by PNB, an SBI official has said. Only one branch out of approximately 5,000 dealing with forex had this breach, he added. PNB's Brady House branch in Mumbai allegedly issued fake LoUs to Nirav Modi and Mehul Choksi's firms.