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News Brief | August 2016

Three PSU banks decline info on import of coal

Citing customer confidentiality, three state-owned banks, including State Bank of India (SBI), have declined to provide information with their overseas branches regarding transactions by leading power companies which are being probed for alleged overvaluation of coal imports, pegged at Rs 29,000 crore. According to sources, this has prompted Revenue Secretary Hasmukh Adhia to write to these lenders to cooperate with the ongoing investigation. The government plans to issue letters rogatory seeking help from at least three countries - Singapore, Dubai and Hong Kong - to access documents lying with the overseas branches of SBI, Bank of Baroda and UCO Bank.
Contact: Ministry of Finance
Website: www.finmin.nic.in
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