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| Exchange Received Time 15/02/2018 23:00:18 Exchange Disseminated Time 15/02/2018 23:00:23 Time Taken 00:00:05 | With reference to clarification sought on recent news article titled 'PNB's banking bomb: How it happened and who all may get hit', we wish to inform you that the Bank through our Foreign Branches has been taking exposure with Punjab National Bank (PNB) as counter party under various Letters of Undertakings (LoU) issued through authenticated SWIFT message. The Bank has also purchased some Buyers' Credit assets from Axis Bank through Risk Participation as a part of normal International Business Practice.
The outstanding exposure related to the incident is approximately USD 300 Million and the Bank is fully secured by LoU / LC / Other Documents and fully confident to receive the payment.
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