Download Unicorn Signals App

Powered By EquityPandit
 Signals, Powered By  EquityPandit
Latest News

UCO Bank discloses exposure of USD 412 mn in PNB fraud case

UCO Bank has disclosed exposure of USD 411.82 million, in fraudulent transactions carried at Punjab National Bank (PNB).

As per the bank’s filing to the Bombay Stock Exchange, it stated that, its Hong Kong branch granted loans against letters of credit issued by PNB and was fully confident of receiving payment from PNB.

Applications for these letters of credit include some of the corporate clients associated with the PNB fraud, which has an outstanding exposure of USD 411.8 million.

Read EquityPandit’s Technical Analysis of Nifty Bank

Get Daily Prediction & Stocks Tips On Your Mobile