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

fes, Finance

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.

 

-FE Bureau

 

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