Not Just PNB officials but Reserve bank of India, Chief Vigilance Commissioner also answerable.

When an LOU is issued, it is always sent back to the parent bank for a reconfirmation. There were xxx number of LOUs issued since 2010. Who was confirming these each time to the foreign branch is to be answered.

There is a reconciliation of accounts that is done between the banks concerned once an LOU is issued. Did the banks conduct this exercise with reconciliation statements and balance sheets is to be answered.

If the loan is overdue for more than 2 years, it immediately gets flagged off to bank auditors. Did no auditor question the banks concerned is to be answered.

When an LOU is issued, it is usually signed by multiple authorities and at different levels. This seem to have not happened in this case is to be answered.

Internal and statutory audits are done at the branch and head office level and for a bigger branch this audit happens annually. A similar exercise is done at the level of the RBI. Did no one red flag that the accounts were not squaring up is to be answered.

The Chief Vigilance Officer of a bank reports not to the bank MD but to the Chief Vigilance Commissioner of India. Any violation is brought to the notice of the office of the CVC. For 7 years, no CVO saw anything fishy at Punjab National Bank is to be answered.

An RBI officer is a member of the Board of Directors of each bank. The bank regulator nominates a member to the board specifically to keep a check. This check too seemed to fail in this case is also to be answered.

Rajiv Takru, ex secretary Department of Financial Services says, "The politicians may bicker over the scam but those within the system will agree that neither politicians from the UPA nor the NDA would want such a scam to happen."

Takru however refused to talk about allegations made by Dinesh Dubey who resigned in protest in 2013 as independent director of Allahabad Bank's Board.

Dubey resigned over a fresh loan of Rs 50 crore being given to Gitanjali Gems and jewels when a Rs 1500 crore loan had been restructured several times over without being paid.

He said, the complaint would have been forwarded to officials concerned and if the explanation was satisfactory, the matter would have rested.

Bankers on Saturday went into a huddle to reconcile claims after the Letters of Undertaking (LoUs) scam hit Punjab National Bank (PNB).

Bankers declined to speak about either the outcome or their future course of action after a two hour-long meeting held at State Bank of India’s head office in Nariman Point, a business district in South Mumbai. Executives of the Delhi-based PNB joined the meeting through video-conferencing.