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Tribune News Service
New Delhi, February 19
Hit by the Nirav Modi and Mehul Choksi bank scam, PNB today assured the public that it will honour all its "bonafide commitments" under the Letters of Undertaking (LOUs) and Foreign Letters of Credit (FLCs) even as there are indications that the gems and jewellery exposure of banks will come under scrutiny.
Following the breakout of the fraud, banks are frantically vetting the credit lines and checking for any discrepancies. Sources said that new credit offtake activity is on hold for the moment till the situation becomes clear.
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