Honoured all Letters of Undertaking during 2011-16: PNB to Finance Ministry

The bank also issued 234 LoUs worth Rs 18.8 bn to another group of companies promoted by Mehul Choksi in 2015 and 2016

Punjab National Bank (PNB) honoured all letters of undertaking (LoUs) claims of other banks between 2011 and 2016, it has informed the finance ministry, even as banks are trying to figure out payment for liabilities in the alleged Rs 129-billion scam.

“No LoU issued up to 2016 is pending,” PNB has said. It issued 1,063 LoUs worth Rs 174 billion to a group of companies belonging to jeweller Nirav Modi between 2011 and 2016. The bank also issued 234 LoUs worth Rs 18.8 billion to another group of companies promoted by Mehul Choksi in 2015 and 2016. In 2017, PNB