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Saturday, May 4, 2019

Bhushan Steel ex-CFO held, 3 banks under lens

The role of three public sector lenders — State Bank of India, Punjab National Bank and Uco Bank — is under the scanner for allegedly issuing letters of credit based on the false documents. SFIO suspects that letters of credit (LC), a widely used instrument guaranteeing that a buyer’s payment will be received on time, of close to Rs 20,000 crore were opened using false documents on behalf of Bhushan Steel.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News


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