Allahabad Bank has â¹2,000 cr exposure to PNB fraud case
Allahabad Bank has said that it has an exposure of around â¹2,000 crore through Letters of Undertaking issued by Punjab National Bank (PNB) to fraud-accused jeweller Nirav Modi. The money was reportedly credited to the Nostro account of PNB from the Hong Kong branch of Allahabad Bank. Other banks involved in giving credit were Axis Bank, Union Bank, and SBI.