The PNB –Nirav Modi case is a text book case of an operational risk event. The fact of the case is now well known. The case revolves around letters of undertaking (LOU) issued by PNB (issuing bank) to overseas branches of many Indian banks. An LOU is, in essence, an irrevocable bank guarantee issued by […]
India’s Biggest Operational Risk Event
- Post author By Ashok Nag
- Post date
- Categories In Bank Internal Fraud, Kye Risk Indicator, Operational Risk, RCSA, Risk
- 65 Comments on India’s Biggest Operational Risk Event