The country's largest lender State Bank of India (SBI) on Monday clarified that its Hong Kong branch did not have any exposure to the companies of multi-crore-rupee Punjab National Bank (PNB) fraud main accused Nirav Modi or Mehul Choksi.
"We refer to the news dated February 18, 2018 and February 19, 2018 reported by some sections of media and advise that SBI Hong Kong Branch does not have any exposure against any corporates/banks based upon LOUs/LCs issued by PNB, Brady House Branch," the bank said in a statement.
"Further, SBI Hong Kong Branch does not have any exposure to the Nirav Modi Group of companies and/or Mehul Choksi group of companies whose names are linked to the PNB fraud," it added.
--IANS
ag/dg
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app