SBI discloses Rs 13.6-bn exposure in LoU issued by PNB to Nirav Modi

Peer review to keep SBI bosses on toes

SBI Chairman Ranjish Kumar said the bank has some exposure on Gitanjali Gems, owned by Mehul Choksi, uncle of Nirav Modi


LATEST NEWS:  Countrys largest lender SBI today said it has an exposure of USD 212 million (about Rs 1,360 crore) in respect to letter of undertaking issued by Punjab National Bank to Nirav Modi, but does not have any direct exposure to the absconding jewellery designer.
"We dont have any direct exposure on Nirav Modi but we do have some exposure on Punjab National Bank", State Bank of India Chairman Rajnish Kumar told reporters here today.
He said the bank has lent USD 212 million to Modi on the basis of LoU issued by PNB.
Kumar, however, said the bank has some exposure to Gitanjali Gems, owned by Mehul Choksi, uncle of Nirav Modi.
Our exposure to Gitanjali is small we and we are not worried, Kumar said.
When asked about the lender's exposure to the entire gems and jewellery sector, he said it is less than 1 per cent of the total domestic loan book.
My domestic loan book is Rs 16 trillion and gems and jewellery sector exposure is less than Rs 130 billion which is less than 1 per cent, he said.
He said the bank is very careful as far as gems and jewellery industry is concerned and has been taking steps to put lot of risk mitigation measures for accounts from the sector.
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