PNB fraud: UCO Bank says has $411.82 mn outstanding exposure

Kolkata, Feb 18: State-run UCO Bank on Saturday said it has an outstanding exposure of about $411.82 million in the $1.8 billion fraud detected in public sector Punjab National Bank (PNB) and that it was confident of receiving the payment.

Punjab National Bank (PNB), the second largest public sector bank in India, had detected the $1.8 billion fraud in one of its branches in Mumbai and UCO Bank was among the banks that were said to have offered credit based on letters of credit issued by the PNB.

"The outstanding exposure involved in the transactions is approximately $411.82 million and the bank is fully confident to receive the payment from the PNB," UCO Bank said in a regulatory filing.

The lender said in the normal course of trade business, its Hong Kong branch has been negotiating export documents against letters of credit issued through authenticated SWIFT message by Punjab National Bank.

The applicants for these letters of credit includes few of corporate clients associated with the incident of recent fraud happened in PNB, the lender said. 

In the fraud incident, Union Bank of India and Allahabad Bank have outstanding exposure of about $300 million and $366.87 million respectively.



Don’t Miss

Congress blows the bugle: Will go for coalition in 2019
HURRY: Now buy Samsung Galaxy S9, S9 Plus in just Rs 9900
Mosquito bites bother Sonia at Plenary.. Covers herself with shawl,gets repellent gel
Rahul changes Twitter handle..From @OfficeofRG to @RahulGandhi
Before Emotional Hug.. Modi slogans are 'dramebaazi', says upbeat Sonia
To defeat Modi, Congress ready for 'Grand Alliance'
Jai Hind..Rajnath ready to enter Pakistan to protect Kashmir
Navratri 2018: First Day Mata Shailputri is worshipped
Bangladesh dressing room broken after Sri Lanka match
Sonia invokes Indira's Chikmagalur victory to inspire Congressmen
Country feeling tired under Modi, Congress will bring change: Rahul
This popular actress marries her Russian boyfriend
Did not get any call from Kapil to join new show, confirms Sunil Grover
Loveguru Karan Johar's SHOCKING prediction about Deepika, Ranveer
Desi Girl Priyanka visits this place after wrapping up Quantico
Congress Plenary Session: The warm hug says it all
Spy poisoning: Russia expels 23 British diplomats
24-hour power supply at 100 prominent temples during 'Navratri'
Congress ready to ally with 'all like-minded parties' to defeat BJP
Side effects of by poll loss? 37 IAS officers transferred in Uttar Pradesh
Won't mind crossing border to protect Kashmir: Rajnath
Office of RG twitter account renamed Rahul Gandhi with new profile image
5 BEST Navratri dishes that you shouldn't miss
Militants attack J&K cop
Navratra 2018: Date, Muhurat and Puja Vidhi
Dumka treasury case: CBI Court defers verdict involving Lalu Yadav to 19 March
Direct recruitment for 10th pass outs; Salary Rs 25,200
Nostalgia: Meet all Congress party presidents from 1885 to 2017
Jio Bomb: Now GET 5GB of 4G data everyday
Engineer warned of cracks before Miami bridge collapse

Most Recent