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Parliamentary panel seeks immediate restoration of issuance of LoU and LoC
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Parliamentary panel seeks immediate restoration of issuance of LoU and LoC
Aug 6, 2018 3:09 AM

The parliamentary standing committee on Monday asked for immediate restoration of practice of issuing letter of undertaking(LoU) and letter of comfort(LoC).

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The central bank had scrapped the instruments after Punjab National Bank lost around Rs 14,000 crore in a massive LoU fraud involving diamond merchant Nirav Modi.

According to a report by the parliamentary panel, none of the stakeholders or banks said that the practice of issuing LoC and LoU was flawed.

The panel welcomed RBIs interventions and prudence, saying that the measures had impacted trade and finance.

However, the impact was acute on labour intensive sectors, it said, adding that tepid business on account of the measures have spillover effects on jobs and employment.

The panel further added that the banking sector has been a victim of misappropriation through fraud of unprecedented magnitude.

First Published:Aug 6, 2018 12:09 PM IST

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