Ban on LoUs/LCs: House panel says RBI acted in haste

A parliamentary panel has said the Reserve Bank of India (RBI)'s ban on letters of undertaking/comfort in the wake of the $2.2-billion fraud at Punjab National Bank was a “knee-jerk” reaction and suggested that such credit instruments be restored.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2ngOSRn