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Market NewsNewsStricter bank rules on diamond trade in India

Stricter bank rules on diamond trade in India

A year after the Nirav Modi-Mehul Choksi scam rattled the nation, diamond houses in India are being pushed to change the way they have been doing business for many decades. Harsh new rules laid down by large banks would force them to restructure their entities, change business associates and spend more, Economic Times of India reported. 

The largest lender to diamantaires, State Bank of IndiaNSE -0.92 %, has imposed funding restrictions on borrowers for exports to countries other than USA and Europe, said the Economic Times report. 

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