A man counts Indian rupee banknotes in Varanasi, Uttar Pradesh, India. (Photographer: Dhiraj Singh/Bloomberg)

PNB-Nirav Modi Fraud: Understanding The Deceptively Low Risk World Of Buyer’s Credit

In the hierarchy of high profile banking functions, the trade finance department which deals with buyer’s credit falls closer to the bottom rather than the top. It has been seen as a low-risk, shor...