{"id":31283,"date":"2018-10-27T12:58:47","date_gmt":"2018-10-27T07:28:47","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=31283"},"modified":"2018-10-27T12:58:47","modified_gmt":"2018-10-27T07:28:47","slug":"pnb-warns-peers-about-lou-fraud","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/pnb-warns-peers-about-lou-fraud\/","title":{"rendered":"PNB warns peers about LoU fraud"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/business\/pnb-warns-peers-about-lou-fraud\/article22755456.ece\"><b>PNB warns peers about LoU fraud<\/b><\/a><\/p>\n<p><b>Context:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Reeling from a <\/span><span style=\"font-weight: 400;\">\u20b9<\/span><span style=\"font-weight: 400;\">11,500-crore fraud, Punjab National Bank reached out to alert other lenders to the perpetrators\u2019 modus operandi, while at the same time apportioning a share of the blame to its competitors\u2019 overseas branches.<\/span><\/li>\n<\/ul>\n<p><b>What has happened?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Recently, PNB found that the SWIFT system had been misused by a junior-level branch officials, who had fraudulently issued letters of undertaking (LoUs) on behalf of some companies for availing buyer\u2019s credit from overseas branches of Indian banks.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The SWIFT network and identification codes are most commonly used for international wire transfers.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In one instance, LoUs were opened in favour of overseas branches of Indian banks for import of pearls for a period of one year, for which as per RBI norms, the total time period allowed is 90 days from the date of shipment.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>PNB warns peers about LoU fraud Context: Reeling from a \u20b911,500-crore fraud, Punjab National Bank reached out to alert other lenders to the perpetrators\u2019 modus operandi, while at the same time apportioning a share of the blame to its competitors\u2019 overseas branches. What has happened? Recently, PNB found that the SWIFT system had been misused&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/pnb-warns-peers-about-lou-fraud\/\">Continue reading <span class=\"screen-reader-text\">PNB warns peers about LoU fraud<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-31283","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704894147},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/31283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=31283"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/31283\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=31283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=31283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=31283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}