Honoured LoUs worth $1.9 bn in Nirav Modi case: PNB chief
PNB Chairman Sunil Mehta has said the lender has honoured Letters of Undertaking (LoUs) worth $1.9 billion out of $2.07 billion issued in favour of Nirav Modi and Mehul Choksi. Mehta added that the remaining LoUs will be honoured upon maturity. Notably, the RBI in March discontinued the issuance of Letters of Undertaking (LoUs) for trade credit for imports.