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UBI issues Rs 155.5 cr guarantee to NSIC against 100% margin

Author: IANS/Monday, March 19, 2018/Categories: Banking & Financial Services

UBI issues Rs 155.5 cr guarantee to NSIC against 100% margin

Kolkata, March 17 - State-run United Bank of India on March 17 said it had issued bank guarantee of Rs 155.5 crore to National Small Industries Corporation (NSIC) against 100% margin after the ED filed a money laundering case in an alleged over Rs 1.73 billion scam in the bank.

The Enforcement Directorate officials had recently registered a money laundering case in connection with an alleged scam of over Rs 1.73 billion in the UBI in 2016, related to an FIR filed by the West Bengal CID.

"...we would like to clarify that the Bank had issued Bank Guarantees (BG) amounting to Rs 155.50 crore to NSIC against 100% margin," UBI said in a regulatory filing.

"NSIC sought confirmation for further BGs amounting to Rs 18 crore which, as per the bank, are non-existent in its records," UBI said, adding that the bank guarantees amounting to Rs 155.5 crore were periodically and prematurely invoked by NSIC and the amount duly credited to their account.

The lender said the matter is presently under investigation by West Bengal CID since July 2016.

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Kavita Giridhar Mallya

IANS

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