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PNB Fraud Story - 11400 cr Scam by Nirav Modi

Published on Friday, February 16, 2018
In 2011, when a letter of undertaking (LOU) was opened at the Fountain branch of PNB in Mumbai by the alleged fraudster

What is LOU

A bank guarantee. The bank opening an LOU for a client agrees to unconditionally repay the principal and interest on client's loan.
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Ramandeep Singh, your guide to banking and insurance exams. With 14 years of experience and 5000+ selections, Ramandeep understands the path to success, having transitioned himself from Dena Bank and SBI. He's passionate about helping you achieve your banking and insurance dreams.

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