UCO Bank admits exposure of over ₹2,650 crore in PNB scam

State-owned UCO Bank has said that it has an exposure of over ₹2,650 crore in the ₹11,400-crore PNB scam linked to billionaire jeweller Nirav Modi. The bank's Hong Kong branch granted loans against letters of credit issued by PNB. UCO Bank said it is fully confident to receive the payment while PNB had said it will honour its bonafide commitments.