Thursday, 15 February 2018

Axis Bank, In A BSE Filing, Confirmed That Through Overseas Branches In The Past

Axis Bank, in a BSE filing, confirmed that through overseas branches in the past, it had undertaken such transactions with PNB against their authenticated SWIFT LOUs but it had sold down all the referred transactions.

In the normal course of trade business, Axis Bank said, through its overseas branches, it undertakes transactions against letters of undertakings issued by other banks. These amounts are then credited to the LOU issuing bank's Nostro accounts.

Axis Bank had discounted bills of over Rs 2,000 crore against PNB’s LoUs, according to CNBC-TV18 report quoting sources.

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