RBI bans all Indian banks from issuing LoUs, LoCs

The Rs 12,700-crore fraud at Punjab National Bank has prompted the Reserve Bank of India to ban the use of letters of undertaking and letters of comfort. LoUs and LoCs are two of the instruments issued by Indian banks to domestic importers to get foreign exchange from banks abroad at a cheaper rate....

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By: timesofindia.indiatimes.com - 4 days ago

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