The central government has said that state-owned Punjab National Bank (PNB) has issued 41,178 Letters of Undertakings (LoUs) since 2011.
“PNB has apprised that 7,672 LoUs were issued with validity of 90 days, 20,078 LoUs were issued with validity of 180 days, 11,224 LoUs were issued with validity of 365 days, and 2,204 LoUs were issued with validity of more than 365 days,” Finance Minister Arun Jaitley informed the Rajya Sabha.
“Further, PNB has informed that the details regarding money withdrawn from the foreign branch of the other banks against each LoU is presently not available as the matter is under investigation,” Jaitley was quoted as saying in a written reply to a question.
The written reply was given on March 20.