Hong Kong branch did not have exposure to Nirav's firms: SBI
India's largest lender SBI has clarified that its Hong Kong branch didn't have any exposure to the companies of $2-billion PNB fraud accused jewellers Nirav Modi and Mehul Choksi. Foreign branches of multiple Indian banks allegedly gave $1.77 billion to Nirav Modi-linked firms based on PNB's fake LoUs. SBI had lent $212 million on basis of LoU issued by PNB.