March 28, 2018 / 12:57 PM / 4 months ago

India's PNB to honour nearly $1 bln worth in fraudulent guarantees

MUMBAI, March 28 (Reuters) - Indian state-run Punjab National Bank said it would honour payments of about 65 billion rupees ($997.4 million) worth in fraudulent guarantees issued by rogue bank staff in what has been dubbed as the country’s biggest bank fraud.

The bank’s board has decided to honour payments on about 350 of the so called letters of undertaking and foreign letters of credit, the bank said. ($1 = 65.1700 Indian rupees) (Reporting by Devidutta Tripathy Editing by Rafael Nam)

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