PNB
PNB fraud: ED refuses to share details of Nirav, Mehul's seized assets
Sun, May 06, 2018
However, Enforcement Directorate had earlier made public on Twitter that assets worth Rs 7,664 crore had been attached in connection with the cases involving the uncle-nephew duo of Modi and Choksi. The central agency has also refused to disclose expenses incurred on attempts to bring back the two billionaire diamantaires who had fled the country in the first week of January, days before the PNB approached the CBI reporting the biggest scam in the banking industry in India
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These wilful defaulters owe PNB Rs 15,172 crore
Sun, May 06, 2018
PNB wilful defaulters: The liability on such defaulters rose by 1.8 per cent from Rs 14,904.65 crore in February. The public sector lender has been putting out the names of wilful defaulters and firms since June 2017. Within ten months, these defaults have grown by 28 per cent , from Rs 11,879.74 crore
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Bharti Airtel to sell stake in Indus Towers; deal to close before next March-end
Thu, Apr 26, 2018
Telecom major Bharti Airtel on Wednesday said it will hold talks with potential investors for a strategic sale in the merged telecom tower entity Indus Towers. The proposed move comes after Airtel earlier announced the merger of its tower arm Bharti Infratel with Indus Towers.
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You won't believe what Punjab National Bank has done to get its money back!
Wed, Apr 25, 2018
In its efforts to recover NPAs, the PNB has also resorted to 'Gandhigiri' wherein its staff hope to 'name and shame' defaulting borrowers to recover up to Rs 150 crore worth bad loans every month. The Delhi-headquartered bank has been at the receiving end of the over Rs 13,000 crore fraud involving diamond merchants Nirav Modi and Mehul Choksi
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Fugitive Economic Offenders Ordinance 2018: From Vijay Mallya, Nirav Modi to Jatin Mehta, check out the top 5
Mon, Apr 23, 2018
In a bid to deter economic offenders from evading the law of the country, the Union Cabinet on Saturday approved a proposal to promulgate the Fugitive Economic Offenders Ordinance 2018.
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PNB scam: Govt intervenes in Nirav Modi firms' bankruptcy case in US
Sun, Apr 22, 2018
Diamond merchants Nirav Modi and his uncle Mehul Choksi are alleged to have perpetrated the country's biggest banking sector scam at Punjab National Bank, mainly by way of issuance of fraudulent Letters of Undertaking ( LoUs ). Against the backdrop of multi-agency probe into the case, Chaudhary said that some Nirav Modi firms filing for bankruptcy in the US would jeopardise the interests of Punjab National Bank
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Nirav Modi fraud: PNB move Hong Kong court; plans legal action in others countries
Sun, Apr 22, 2018
PNB plans to approach other jurisdictions where Nirav Modi and his associates have assets and properties as part of recovery process, a senior PNB official said. Hong Kong authorities have been approached and recovery writ has been filed against companies of Nirav Modi, the official said without disclosing other details.
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PNB scam, fiscal slippage dent business optimism in June quarter: Report
Mon, Apr 16, 2018
The optimism was rising in the September quarter of last year and hit a peak of 91 per cent for the first quarter of 2018, information services company Dun and Bradstreet said in the report, adding it has slipped by 6.6 per cent to 85 per cent for the second quarter of the calendar year. The report said the survey of companies was conducted in March, when the bank fraud cases had already erupted on the scene and added that the frauds and scams came at an "inopportune" time when the state-run lenders were already fighting the non-performing asset (NPA) menace
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Nirav Modi scam: ICAI sends notices to auditors of PNB's Brady House branch
Sun, Apr 15, 2018
The Institute of Chartered Accountants of India (ICAI) has made a list of the statutory auditors of the Brady House branch during 2011-12 to 2016-17, and asked them to appear before its Board of Discipline. Statutory auditors are members of ICAI and are governed by the apex body. Eight statutory auditors, who had audited the lender's Brady House branch in Mumbai during that period, have been issued notices
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NPAs in Q4 to rise by Rs 8,000 cr on account of Gitanjali Gems
Sun, Apr 15, 2018
Banks will have to make provisioning of Rs 8,000 crore for Gitanjali alone as there has been no servicing of the working capital loan during the fourth quarter of last fiscal, sources said. Gitanjali, among others, is the major account which has turned bad in the fourth quarter of 2017-18
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Monnet Ispat lenders may take 64 pct haircut
Wed, Apr 11, 2018
All formalities relating to the resolution has to be completed by the deadline of April 13. According to a source in the know, the deal is likely to be around Rs 3,750 crore, of which close to Rs 2,750 crore could be in cash and remaining could be in equity.
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PNB fraud case: Scam-hit bank refused CVC's advice against its corrupt staff
Tue, Apr 10, 2018
PNB fraud case: The non-compliance of the advice has been mentioned in the CVC's annual report for 2017 tabled in Parliament recently. The report comes at a time when the bank is facing multiple agency probe in the over Rs 13,000 crore loan fraud allegedly committed by billionaire jeweller Nirav Modi and his uncle, Mehul Choksi, the promoter of Gitanjali Gems
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PNB, Nirav Modi fraud case: Will not seek govt support, says bank's MD Sunil Mehta
Mon, Apr 09, 2018
PNB has enough resources and capability to meet the challenges posed by the fraud of this nature, its managing director Sunil Mehta said. "We said this is problem of the bank and we will solve it ourself . We are not seeking government's help by way of capitalisation ," he said, when asked if the bank has sought help from the majority shareholder to tide over the problem of fraud
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CBI court issues warrants against Nirav Modi, Mehul Choksi in PNB fraud case
Sun, Apr 08, 2018
The CBI is now also questioning some officials at overseas branches of Indian banks which issued loans to companies owned by the two jewellers against bank guarantees - later shown to have been fraudulently issued by certain rogue employees at PNB. The case, dubbed India`s largest ever bank fraud, has led to a huge probe and 20 arrests have been made so far in relation to the matter
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PNB fraud case: Bank hires lawyers to represent itself in bankruptcy proceedings of Nirav Modi firm in US
Sun, Apr 08, 2018
Firestar Diamond approached a bankruptcy court in New York court in February. "We have just engaged lawyers to represent our bank in the US bankruptcy petition as part of recovery process. If money has gone from our system and parked in that company, our bank's views should be heard before deciding about insolvency petition," PNB Managing Director Sunil Mehta told PTI in an interview.
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PSBs privatisation: Here is what Nobel laureate Muhammad Yunus has to say
Sun, Apr 08, 2018
PSBs privatisation: Several experts, including Chief Economic Advisor Arvind Subramanian and former Niti Aayog Vice Chairman Arvind Panagariya, had pitched for privatisation of PSBs after spate of frauds were unearthed in state-owned banks, including over Rs 13,000 crore scam in the Punjab National Bank (PNB). The Bangladesh-based champion of micro-finance Muhammad Yunus also said that ways have to be found to stop frauds in the banking sector
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SBI, PNB put 15 NPAs of Rs 1,063 crore on sale
Sun, Apr 08, 2018
SBI and PNB said they will conduct the e-auction on 20th of this month. SBI has put up a total of 12 accounts with total outstanding of Rs 848.54 crore for sale. "...We place these accounts for sale to asset reconstruction companies (ARCs)/banks/NBFCs/financial intuitions," said SBI, the country's largest bank
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PNB fraud fallout: Bank deploys AI for reconciliation of accounts
Sun, Apr 08, 2018
Addressing its customers through a FAQ document, the fraud-hit bank said: "PNB has already undertaken measures to strengthen internal audit control mechanisms. Additionally, the bank is also looking at technology interventions to enhance customer service and customer responsiveness...." "There is a move to improve audit systems by incorporating analytics and AI for reconciliation of accounts
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