Pnb Fraud
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PNB fraud | Talk of banking sector plunging into financial crisis just 'fearmongering': BSE chief
Business | Apr 09, 2018, 03:10 PM ISTThe BSE chief added that the scandal would not have taken place had appropriate reforms in the banking sector including the RBI been taken after the 1992 Harshad Mehta scam.
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PNB fraud: Special CBI court issues non-bailable warrants against Nirav Modi, Mehul Choksi
India | Apr 08, 2018, 06:17 PM ISTEarlier on March 8, the investigative agency had sent summons to both Nirav and Choksi to join investigations as early as possible.
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PNB fraud: CBI questions former RBI Deputy Governor
Business | Apr 06, 2018, 07:40 PM ISTThe move comes a day after the Central Bureau of Investigation (CBI) questioned three Chief General Managers and one General Manager of the central bank.
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Punjab National Bank to honour LoUs worth Rs 6,500 crore issued to 7 banks in favour of Nirav Modi
Business | Mar 28, 2018, 11:23 PM ISTPutting an end to confusion over the payment obligation towards other lenders, PNB also assured that it will honour all subsequent maturing LoUs and FLCs as and when they are due.
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PNB issued over 41,000 Letters of Undertaking since 2011: Finance Ministry
Business | Mar 22, 2018, 07:35 PM ISTFraudulent LoUs of the state-owned PNB were used by diamantaire Nirav Modi and his associates to defraud the bank of about Rs 13,000 crore.
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PNB fraud case: Can't return to India due to business commitments, Mehul Choksi tells CBI
Business | Mar 20, 2018, 10:32 AM ISTChoksi, along with his nephew Nirav Modi and his family, flew out of the country in January 2018, days before PNB unearthed the biggest banking scam of India.
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PNB fraud fallout: 107 firms, 7 LLPs under SFIO scanner
Business | Mar 16, 2018, 08:10 PM ISTOn March 7, continuing the probe into the PNB fraud, sleuths of the SFIO questioned the bank's Managing Director and CEO Sunil Mehta for five hours.
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Ex-PNB official Gokulnath Shetty booked in Rs 9 cr LoU fraud with another company
Business | Mar 15, 2018, 04:36 PM ISTApparently, the Nirav Modi and Mehul Choksi groups were not the only ones indulging in frauds related to Letters of Undertaking (LoUs) issued by the Punjab National Bank (PNB) officials.
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Parliament must debate bank frauds issue, says Venkaiah Naidu
National | Mar 15, 2018, 03:31 PM ISTThe Lok Sabha and Rajya Sabha have witnessed repeated adjournments during the second half of the Budget session that began on March 5, with opposition parties stalling proceedings over various issues, including PNB fraud.
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Punjab National Bank detects another fraud at Brady branch: Report
Business | Mar 15, 2018, 11:23 AM ISTAccording to a report, the new alleged fraud of around Rs 9 crore involves officials of a little-known company called Chandri Paper and Allied Products Pvt Ltd.
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'We feel hurt, need to be the Neelakantha consuming this poison': RBI Governor on banking frauds
Business | Mar 14, 2018, 11:07 PM ISTUrjit Patel said that banking frauds amount to looting of our country's future by some in the business community in cahoots with some lenders.
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PNB fraud: RBI had cautioned banks multiple times on SWIFT misuse, govt tells Parliament
Business | Mar 13, 2018, 11:51 PM IST"Reserve Bank of India (RBI) has apprised that it had issued two circulars to banks in the months of August and November 2016, related to security and operational controls in the SWIFT environment," Minister of State for Finance SP Shukla said.
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PNB fraud: Nirav Modi got 1213 fraudulent guarantees in six years, says Arun Jaitley
Business | Mar 13, 2018, 07:13 PM ISTCompanies linked to Nirav Modi obtained Letters of Undertaking (LoUs), which were used to get loans from overseas branches of Indian banks, up to five guarantees on a single day.
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PNB fraud fallout: RBI starts special audit of public sector banks
Business | Mar 12, 2018, 10:55 AM ISTIn addition, the RBI has asked all banks for details of the LoUs they had written, including the amounts outstanding, and whether the banks had pre-approved credit limits or kept enough cash on margin before issuing the guarantees.
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Indian banking in ‘stasis’, need fewer public sector banks: Uday Kotak
Business | Mar 09, 2018, 03:34 PM ISTAt present, there are 20 entities, including largest lender State Bank of India, which are run by the government and account for nearly 70 per cent of the assets in the system. Almost all of them are affected by high levels of non-performing assets.
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RBI may give PNB one year to provision against Rs 12,646 crore fraud
Business | Mar 08, 2018, 10:22 PM ISTSources said that PNB has written a letter to the banking sector regulator seeking its opinion on making provisions for the fraud.
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Corruption common in public sector banks but trust intact: Survey
Business | Mar 08, 2018, 10:02 PM ISTLocalCircles, a closed citizens engagement platform, conducted a survey to assess the pulse of the citizens on the issue that received more than 50,000 responses.
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PNB fraud: CBI's fresh summons to Nirav Modi, Mehul Choksi
India | Mar 08, 2018, 08:26 PM ISTGitanjali Gems promoter Choksi, in his seven page letter which was released by his lawyer, has said it was impossible for him to return to India and join the investigation due to the suspension of his passport and ill-health.
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Amount involved in PNB scam unlikely to go up: DEA Secretary
Business | Mar 08, 2018, 07:23 PM ISTWhile talking to reporters on the sidelines of an IVCA event here, Garg further said the Department of Financial Services in the finance ministry has asked banks to screen all NPA or bad loan accounts.
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PNB fraud: Impossible for me to travel back to India, Mehul Choksi tells CBI
Business | Mar 08, 2018, 02:02 PM ISTChoksi has said he was travelling "abroad for my business" and had embarked on the journey before the probe agency filed an FIR against him.