State-run banks complete internal audit post LoU scam, say all is well- The New Indian Express

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Punjab National Bank sent shockwaves after it reported a loan fraud of over H11,000 crore. | (Parveen Negi |EPS)

NEW DELHI: Public Sector Banks (PSBs) on Thursday claimed there was no other fraudulent Letter of Undertaking (LoU) apart from those already reported to the Central Bureau of Investigation, adding that they would bring in more robust and secure risk management mechanisms within six months to check frauds.

“Each bank has already scanned their LoU/LoC related transactions so far. All of them are properly assessed, genuine and accounted for except those already reported to the investigative agencies. There is no other unauthorised authority letter,” M S Sastry, Chief Risk Officer and Deputy Managing Director of State Bank of India said after…

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