Banks Squabble Over Lcs

Dena Bank is slugging it out with a clutch of banks over the sanctity of letters of credit (LC) as a financial instrument. Dena Bank has refused to settle the payment of bills discounted under irrevocable letters of credit (L/Cs) by these banks even after giving them the go-ahead to discount the bills.

Dena Bank chairman A G Joshi admits that it is the bank