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IndusInd, IndusInd Geetanjali LoUs, Nirav Modi, banking and finance, Business news, Indian Express news
February 20, 2018 11:38 am

The bank, however, added that it has a "small, two-digit exposure" to Gitanjali Gems not linked to any LoUs", without disclosing the exact amount.

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February 20, 2018 2:35 am

“None of the 20 PSBs have a workman and an officer director as of now. Also, there has not been a single appointment of these directors over the last three-and-half years,” C H Venkatachalam, general secretary, All-India Bank Employees’ Association (AIBEA), said.

PNB Scam, Nirav Modi, PNB Fraud, Punjab National Bank Fraud, 11000 crore scam, Gitanjali Group fraud, SEBI, Bank loans, Indian Express
February 18, 2018 12:25 pm

Sebi has already launched a probe into trading and disclosure related issues in the matter of Punjab National Bank (PNB) and Gitanjali Gems in connection with the biggest fraud in the Indian banking industry so far allegedly perpetrated by Nirav Modi

CBI arrests Punjab National Bank officials
February 18, 2018 6:15 am

The RBI has denied reports that it has directed PNB to meet its commitments under the Letter of Undertaking (LOU) to other banks.

February 17, 2018 9:14 pm

To address the problem, "I think four 'Rs' are the answers. They are Recognition, Resolution, Recapitalisation and Reforms," he said at the Annual Convention 2018 of Madras Management Association, in Chennai. "Recognition" is identifying the stressed assets and non-performing assets in banks," he said.

Supervisory action in PNB fraud soon, says RBI
February 17, 2018 2:47 am

According to banking sources, the bank may end up providing for the full amount in its books but a clear picture will emerge only when investigations are complete and the bank and the RBI scrutinise the details of the fraud.

Nirav Modi case: RBI calls PNB fraud as 'case of operational risk', vows appropriate supervisory action
February 16, 2018 9:35 pm

On Wednesday, state-owned PNB admitted that it had detected fraudulent transactions worth over Rs 11,000 crore jewellery czar Nirav Modi.

Supreme Court to hear PIL seeking SIT probe on PNB fraud
February 16, 2018 3:43 pm

Union Bank of India shares dropped 2.37 per cent to Rs 117.25 while the PNB stock fell over 3 per cent to Rs124.45 on BSE. Yesterday, fraud-hit PNB said it will honour its bonafide commitments and entire liability will be known after the investigation.

Supreme Court to hear PIL seeking SIT probe on PNB fraud
February 16, 2018 8:38 am

PNB fraud: Official figures show that PNB had reported a net profit of Rs 1,324 crore in 2016-17, compared with a loss of Rs 4,223 crore in 2015-16.

Supreme Court to hear PIL seeking SIT probe on PNB fraud
February 16, 2018 6:16 am

At least three bankers, who look into LOU operations, said it could have started with a much smaller sum few years ago and ballooned into a huge amount as a result of large borrowings in the recent past.

Supreme Court to hear PIL seeking SIT probe on PNB fraud
February 16, 2018 5:21 am

Punjab National Bank fraud: This is the second consecutive day of decline for the stock. It had slumped 10 per cent on Wednesday.

Supervisory action in PNB fraud soon, says RBI
February 16, 2018 2:28 am

The outstanding loans from banks to industry and individuals stood at Rs 82.11 lakh crore as on February 2, data from the Reserve Bank of India (RBI) showed.

GST, Goods and Services Tax, Arun Jaitley, Finance Minister, GST regime, Economy News, Indian Express
February 16, 2018 2:15 am

Merged unit will have 30 regional offices as against 90 of the 3 firms put together at present, and there might be 10,000-15,000 excess employees.

Supervisory action in PNB fraud soon, says RBI
February 15, 2018 4:11 pm

According to an RBI statement, the SDR-rupee figure will be based on this rate.

Punjab National Bank fraud case, PNB fraud, PNB Scam, Nirav Modi, Diamond Jewellery, Punjab National Bank shares, Indian Express, Business News
February 15, 2018 7:37 am

On February 5, CBI had booked diamond jeweller Nirav Modi, his wife Ami Modi, brother Nishal Modi and his maternal uncle Mehul Choksi in connection with an alleged Rs 280-crore cheating case after it received a complaint from PNB on January 29.

February 15, 2018 3:06 am

The Punjab National Bank (PNB) branch where fraudulent transcations were detected.

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February 15, 2018 2:53 am

The RBI’s plan to scrap existing recast plans and introduce a new system has come at a time when banks are already reeling under bad loans, losses and the rise in bond yields.

Punjab National Bank fraud case, PNB fraud, PNB Scam, Nirav Modi, Diamond Jewellery, Punjab National Bank shares, Indian Express, Business News
February 14, 2018 1:51 pm

The stock opened at Rs 160 on the BSE and soon fell as much as 7.82 per cent to hit the day's low of Rs 149. Similar movement was witnessed on NSE, as the scrip plunged 8 per cent.

Punjab National Bank fraud case, PNB fraud, PNB Scam, Nirav Modi, Diamond Jewellery, Punjab National Bank shares, Indian Express, Business News
February 14, 2018 12:43 pm

The fraudulent transactions are the equivalent of eight times the lender’s 2017 net income of about 13.2 billion rupees ($206 million), exchange filings show. PNB shares fell as much as 7.5 per cent as of 11:20 a.m. in Mumbai, poised for the steepest drop since October.

financial technology sector, global financial technology, FinTech investment, UK report, business news, indian express news
February 14, 2018 2:23 am

Addressing media persons, R Subramaniakumar, MD & CEO, said the bank posted the loss in Q3 due to high provisions towards NPAs.

financial technology sector, global financial technology, FinTech investment, UK report, business news, indian express news
February 14, 2018 2:12 am

On February 9, State Bank of India reported a loss of Rs 2,416 crore and Bank of India Rs 2,341 crore loss for the third quarter due to under-reporting of bad loans and losses in treasury operations.

February 14, 2018 2:09 am

Bitcoin may lose 50 per cent of its value from its current level as fears over regulatory clamp-downs have spurred a rout among cryptocurrencies this week, Citi analysts said in a report.

Nirav Modi case: RBI calls PNB fraud as 'case of operational risk', vows appropriate supervisory action
February 14, 2018 2:05 am

On Monday, the RBI abolished half a dozen existing loan-restructuring mechanisms, and instead provided for a strict 180-day timeline for banks to agree on a resolution plan in case of a default.

RBI measures for MSMEs
February 13, 2018 4:47 pm

In respect of accounts with aggregate exposure of the lenders at Rs 2,000 crore and above, on or after March 1, 2018 (reference date), resolution plan RP should be implemented within 180 days. 

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February 13, 2018 1:58 am

Finance Minister Arun Jaitley had in his Budget speech announced the imposition of long term capital gains tax on equity gains of over Rs 1 lakh on transfer of shares or units of equity mutual funds.

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February 13, 2018 1:45 am

The retirement fund body had announced 8.65 per cent rate of interest on deposits for 2016-17, a tad lower than 8.8 per cent in 2015-16.

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February 13, 2018 1:39 am

Net interest margin (NIM) — a key measure of profitability — fell 33 bps y-o-y and 27 bps sequentially to 1.88 per cent in Q3.

financial technology sector, global financial technology, FinTech investment, UK report, business news, indian express news
February 13, 2018 1:36 am

Gross NPA as a percentage of total loans rose to 20.10 per cent from 15.98 per cent a year ago. In the September quarter of this fiscal, the gross NPA ratio was at 18.80 per cent.

Nirav Modi case: RBI calls PNB fraud as 'case of operational risk', vows appropriate supervisory action
February 13, 2018 1:30 am

The study indicates that a short-term liquidity shock impacted firms in the export sector, with the firms with high working capital/sales ratio hit the most due to the liquidity constraints.

Arun Jaitley, Saudi Arabia, Jaitley visit to Saudi Arabia
February 12, 2018 7:14 am

The government had asked the lenders to have board-approved policies on monetising their non-core assets, sale of vacant real estate and “exit from all strategic equity investment” in unrelated businesses.

Arun Jaitley, Finance Minister, liquidity management, RBI, India news, India finance, Indian express news
February 11, 2018 3:47 pm

Finance Minister Arun Jaitley in his Budget has proposed to amend the RBI Act to empower the central bank to come up with an additional instrument for liquidity management.

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February 11, 2018 4:53 pm

RBI said in the report, for the year ended June 30, 2017, that only Rs 16,050 crore of the Rs 15.44 lakh crore in old high denomination notes had not returned

Urjit Patel, RBI governor, India's monetary policy, India economy, India news, business news, Indian Express news
February 10, 2018 6:06 pm

Stating that it is difficult to predict global oil prices, Patel said the global charts have shown two-way movement in the recent days and there is a need to be prepared for both the scenarios of rising and falling rates.

Arun Jaitley, Reserve Bank of India, RBI, Jaitley meets RBI directors, India economy, Inflation, Indian Express
February 10, 2018 1:42 pm

Finance Minister Arun Jaitley said this after a meeting with the Central Board of Directors of the Reserve Bank of India

Air Force officer’s colleague on police radar
February 10, 2018 1:19 am

Facebook-owned WhatsApp joins Truecaller and Google in the league of multinational corporations that have entered the fast-growing UPI ecosystem to corner a share of India’s digital payments market.

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February 10, 2018 12:58 am

The net interest margin improved by 41 bps sequentially to 2.72 per cent with domestic operations NIM rising by 56 bps to 3.24 per cent quarter on quarter.