Bhushan Steel ex-CFO held, 3 banks under lens

The role of three public sector lenders — State Bank of India, Punjab National Bank and Uco Bank — is under the scanner for allegedly issuing letters of credit based on the false documents. SFIO suspects that letters of credit (LC), a widely used instrument guaranteeing that a buyer’s payment will be received on time, of close to Rs 20,000 crore were opened using false documents on behalf of Bhushan Steel.

from Times of India http://bit.ly/2DM8Lbz