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The case study explains the concept of a letter of undertaking. Mr. X, a businessman, wishes to purchase raw materials from PQR Company in Singapore but lacks an account with a Singapore bank. Instead, he holds an account with ICICI Bank in India. He approaches ICICI Bank to request a letter of undertaking, which is issued based on his credit limits or collateral. This letter serves as a guarantee to a Singapore bank, enabling Mr. X to obtain buyer's credit to pay PQR Company. Essentially, the letter of undertaking assures the Singapore bank that ICICI Bank will cover Mr. X's payment if he defaults. Additionally, there was a mention of fraudulent transactions worth ₹11,400 crore at Punjab National Bank's Brady House branch.
