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UCO Bank has disclosed exposure of USD 411.82 million, in fraudulent transactions carried at Punjab National Bank (PNB).
As per the bank’s filing to the Bombay Stock Exchange, it stated that, its Hong Kong branch granted loans against letters of credit issued by PNB and was fully confident of receiving payment from PNB.
Applications for these letters of credit include some of the corporate clients associated with the PNB fraud, which has an outstanding exposure of USD 411.8 million.
