Money & Banking

UCO Bank claims $411 m exposure in PNB fraud

Our Bureau Kolkata | Updated on February 19, 2018 Published on February 19, 2018

Kolkata-based UCO Bank has said it has an exposure of $411.82 million (approximately ₹2,656 crore) to the $1.8 billion (approximately ₹11,500 crore) PNB fraud case.

The bank, however, stressed that it was confident to receive the payment from Punjab National Bank.

“In the normal course of trade business, our Hong Kong branch has been negotiating export documents against Letters of Credit issued through authenticated SWIFT message by PNB after receiving acceptance through authenticated SWIFT message,” UCO Bank said in a regulatory filing to the BSE.

The applicants for these Letters of Credit include few of the corporate clients associated with the incident of recent fraud that happened in PNB, the filing said.

The bank’s scrip closed at ₹27.10, down by 4.58 per cent on the BSE on Monday.

Published on February 19, 2018
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