Posted inIndia, South Asia

Indian exporters upset with RBI decision to ban LoUs

Exporters in India are upset with the central bank’s decision to suspend letters of undertaking (LoUs), instruments that were misused by diamond merchant Nirav Modi and his associates to take out loans worth 130 billion rupees (US$2 billion) from Punjab National Bank. Some of them said the move by the Reserve Bank of India (RBI) could […]

%d bloggers like this: