On March 3, Allahabad bank replied to the stock market's query wherein it justified the CBI's quizzing the managing director, and passed it off as a mere "cooperation" with the investigating agency.
"We wish to inform you that the bank routinely and regularly co-operates with regulatory authorities who require information in the course of their investigations," said the company in the stock market filing on Saturday.
The bank further reiterates the information which it provided in a stock market filing on February 16. The information reads as follows, "We have already intimated the bank through its overseas branch at Hong Kong has been taking exposure with Punjab National Bank (PNB) as counter party under various letters of undertakings issued through authenticated SWIFT message. The bank has also purchased some buyers credit assets from Axis Bank extended against PNB's LoU through Risk participation as a part of normal international business practice."
The bank underlines the fact that the outstanding exposure of bank related to the PB fraud is around $ 366.87 million.
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