International Rating Agency Moody’s, Investor Service has downgraded state-owned Punjab National Bank’s rating citing the impacts of recent fraud on bank’s capital and weak internal records. While PNB’s rating has been modified to Ba1/NP from Baa3/P-3, its outlook has remained stable. Its baseline credit assessment (BCA) to has been downgraded by the credit agency. The […]
Punjab National Bank which had been in “hot waters” post-Nirav Modi scam has reported a loss of Rs 13,416.91 crore for the January-March period which is being considered the biggest loss to have ever reported by a domestic lender till date. PNB has posted a standalone profit of Rs. 261.90 crore in the fourth quarter […]
Mumbai (Maharashtra) [India], Mar 01: The Central Bureau of Investigation (CBI) on Thursday arrested another senior executive of the Punjab National Bank in connection with the billion dollar scam. Internal Chief Auditor (retd) Bishnubrata Mishra was responsible for concurrent audit for the period 2011-2015 at Mumbai’s Brady House branch. Meanwhile, 13 more people were questioned by the CBI in addition to the questioning […]
As per the media reports, Bollywood leading actress Priyanka Chopra may consider the termination of the contract with Nirav Modi. The famous actor who featured in one of the advertisement campaigns of Nirav modi, seeking legal opinion to terminate her contract with the brand, the actor’s spokesperson said on Thursday. After the PNB 11400 crore […]
IT Minister Ravi Shankar has warned social media companies against misusing user’s data to influence upcoming 2019 elections, saying that it would no longer be tolerated. Moreover, the government is also looking forward to Justice Srikrishna Committee report on data protection and law. Speaking in the context, Prasad added, “We won’t tolerate misuse of data […]
The fiscal 2017-18 showed losses for the public sector banks crossing a tremendous amount of Rs 87,300 crore, with Punjab National Bank on the top with a fraud contaminated amount of nearly Rs 12,283 crore. Our country consists of over 21 public sector banks and among them, only two banks have shown profitability during the […]
Twenty-one government banks have witnessed a big loss which amounted to Rs. 25,775 crore due to frauds in the banking sector during the financial year 2017-18. The highest amount of loss has been incurred by Punjab National Bank (PNB) totaling Rs 6461.13 crore during the fiscal that ended on the 31st March this year. This was told […]
The Indian government is taking the offensive against those economic offenders attempting to run away from India. Public sector banks are now directed to collect passport details from borrowers seeking to obtain loans higher than Rs 50 crore. This measure is the next step towards clean and responsible banking, Rajeev Kumar, secretary of Department of […]
Shares of Gitanjali Gems & Punjab National Bank (PNB) tumbled over 10% to 7% yesterday, following the Rs 11,400-crore fraud by Nirav Modi. PNB shares were down to 7.16 per cent to its 52-week low of Rs 116.65 on BSE. At NSE, shares of the company dived 6.77 per cent to hit a one-year low […]
The second biggest state lender of the country, Punjab National Bank had yesterday informed about the fraudulent transactions of worth Rs 11400 crore, however, it didn’t reported anything about the people involved in the scam. Today morning around 10:12 am, it was reported that the suspected fraud has been carried out by the criminal in […]
Multi-national financial institution, Punjab National Bank on Wednesday quoted that it had detected some unauthorised and fraudulent transactions worth $1.77 billion(11400 crore) in one of its branches in Mumbai. Because of the incident, the bank’s share price slipped to 9.7 percent within a day. India’s second biggest state lender and fourth largest by overall assets, PNB […]