FinMin sets up new restrictive measures for large loans following PNB fraud

FinMin has written to city branches of four Indian banks asking them to reconcile accounts and check for irregularities.
New Delhi: Swinging into action following the Rs eleven,400 large integer PNB fraud, the finance ministry on weekday established new restrictive measures.

The ministry has written to city branches of 4 Indian banks asking them to reconcile accounts and check for irregularities, press agency cuckoo rumored.

The four lenders – SBI, Axis Bank, Allahabad Bank and Bank of Asian nation – were issued Letters of endeavor (LoUs) by PNB’s city branch.

Reconciliation of associate account involves confirming whether or not the money effort associate account matches the quantity that is been spent.

ANI conjointly rumored that the general public sector banks can currently appoint a special representative or agency to watch standing for all loans of on top of Rs 250 large integer which a association of lenders cannot exceed seven banks. Incidentally, Rotomac pens owner Vikram Kothari is purported to have cheated a association of seven banks of Rs three,695 crore.

Also read: Rotomac fraud: CBI arrests Vikram Kothari, son in Rs three,695 metal loan default

A report within the Times of Asian nation aforesaid that these measures ar effectively the primary definitive steps taken by the finance ministry since the scam bust out, at the same time as government agencies like CBI, disfunction and tax department have cracked down on the defendant.-fa9news

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