The decision was taken in wake of the PNB fraud that revolved around the letters of undertaking purportedly issued by PNB in favour of three firms of Nirav Modi that allowed the latter in seeking credit from foreign branches of Indian banks.
PNB's exposure in the scam is estimated at Rs 12,700 crore. "As of now, only PNB has given information on its exposure", a source in the CBI told Moneycontrol.
The banking system in India is facing the biggest bank fraud with fashion jeweller Nirav Modi and his uncle Mehul Choksi of Gitanjali Gems allegedly duped PNB with around Rs.14000 crore by using the LoUs issued by the bank.
"The supplementary complaint for the additional amount was lodged on March 4", said a CBI official.
Emails and calls sent to banks remained unanswered.
The central bank has also mandated commercial banks to put in place adequate audit and compliance mechanisms with bank board-level reporting through the audit committee of the board, the minister added.
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A senior banker said, "For import of rough diamonds, big suppliers accept only advance remittance".
Who will now pay the banks in Nirav Modi fraud: Banks continue to debate who should assume liabilities from the fraud, with several lenders that have either lent to the jewellery groups based on the fraudulent PNB guarantees, or bought the letters of undertaking (LOUs) from the secondary market, wanting PNB to compensate them, reported Reuters.
The fraud which began in March 2011, is now estimated to have crossed United States dollars 2 billion (about Rs 13,000 crore). The CBI has arrested about 18 people - bank officials as well as executives from firms headed by Modi and Choksi - in this connection. Two FIRs are based on allegations of fraudulent transactions through the PNB's Brady House branch in Mumbai that were facilitated by the then Deputy Manager Gokulnath Shetty.
RBI on Tuesday said the following in the circular.
"There are fraudulent transaction between these companies and firms namely Solar exports, Stellar diamond and Diamond R USA and vice versa during the period between 2013 to 2017, in as much as credit limit sanctioned have not been used which these were sanctioned", Nepalia said in the complaint".
Both are accused on charges of money laundering (under the Prevention of Money Laundering Act) in alleged connivance with some employees of Punjab National Bank (PNB) and have been stated by probe agencies to have left India before criminal charges were pressed against them.