As per the message, Union Bank of India sanctioned a loan of Rs 1,000 crore to Nirav Modi on the basis of LoU (Letter of undertaking) signed by Punjab National Bank.
Now, the viral message claims that Union Bank of India has given time to PNB till March 31 to return its money, failing to do so, PNB would be will be declared as bankrupt, which would further lead to drowning of all the money deposited by PNB account holders.
To find the truth about such tall and serious claims, we began our investigation and found out that the fact that PNB is supposed to return Rs 1,000 crore to Union Bank is true, but Punjab National Bank has agreed upon returning Nirav Modi’s entire amount to 7 banks.
Therefore, the sufferer here is won’t be the common man or any other bank; but PNB itself.
Hence, the claims in the viral message are false.
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