RBI denies giving instruction to PNB over Nirav Modi fraud
The Reserve Bank of India (RBI) has denied giving any instruction to the Punjab National Bank (PNB) over the Nirav Modi fraud. "There have been reports in the media that...the RBI has directed PNB to meet its commitments under the Letter of Undertaking (LoU) to other banks. The RBI denies having given any such instructions," RBI Chief General Manager said.