Before the end of the current fiscal, the Punjab National Bank (PNB) has paid back Rs 6,600 crore to eight banks defrauded in the Rs 13,700 crore LoU fraud involving fugitive diamantaires Nirav Modi and Mehul Choksi.

Information available with IndiaToday.in identifies these eight banks as Canara Bank, State Bank of India (SBI), Allahabad Bank, Bank of India, Union Bank of India (UBI), UCO Bank, Axis Bank, and Italian lender Intesa Sanpaolo.

Below are the details of payments PNB has made to these eight banks:

Earlier this week, the PNB board had agreed to settle Letters of Understanding (LoUs) and Foreign Letters of Credit (FLC) issued by seven banks worth Rs 6500 crore, which mature on or before March 31. "The bank would honour all subsequent maturing LoUs and FLCs, as and when they are due," PNB has said in an official statement.

By the time the PNB Fraud was exposed, almost 30 banks had provided buyers' credit in favour of overseas suppliers to Modi and Chokshi's firms against unauthorized bank guarantees. Since these loans were credited to PNB's Nostro accounts, the state-owned lender is now liable to repay these banks.

At least four public sector banks - State Bank of India, UBI, UCO Bank and Allahabad Bank - had quoted exposures in the range of $212 million to $412 million in the PNB fraud. PNB had earlier maintained that these LoUs are fraudulent and the bank has no liabilities towards them. It was on the directions of Finance Ministry and Reserve Bank of India (RBI) that PNB agreed to pay back all bonafide commitments under LoUs and FLCs before March 31. Failing to do so would have led to the bank being included in the list of defaulters.