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Government Banks’ Losses Crossed Rs 87,000 This Year

11Jun By Gauri SinghNo Comments

INDIA

Government Banks’ Losses Crossed Rs 87,000 This Year

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 financial year 2017-18, namely Indian Bank and Vijaya Bank. Indian Bank showed the highest profit of Rs 1,258.99 crore and on the other hand, Vijaya Bank’s profit was Rs 727.02 crore. The Delhi-based Punjab National Bank is losing its balance under a fraud amounting around Rs 14,000 crore, reportedly being carried out by Nirav Modi and associates, and has shown a net loss of Rs 12,282.82 crore in the previous financial year. The bank had posted a profit of Rs 1,3...

Punjab National Bank Shares Drop After 11400 Crore Fraud Transaction

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 has market capitalisation of Rs 36,000 crore and 2.55 percent of total loan book of Rs 4.5 lakh crore. The fraudulent amount transaction is close to its total market capitalisation. The bank however, does not mention the name of the people involved, but have informed about the same to the law enforcing agencies and would evaluate later whether it faces any liability arising out of the transactions. PNB without ...

Indian Government Approves Merger of 5 Associate Banks With SBI

The Cabinet today gave go-ahead to the merger of State Bank of India (SBI) and its associate lenders that would make the state-owned lender a global-sized bank. India's largest lender SBI had last month mooted the proposal for merger of its five subsidiary banks with itself and acquisition of the newly set up Bharatiya Mahila Bank. SBI has five associate lenders -- State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad. "Kindly await a structured briefing on that," Telecom Minister Ravi Shankar Prasad said when asked if the Cabinet approved the merger of associate banks with the SBI. Meanwhile, SBI Chairperson Arundhati Bhattacharya said, merger of SBI and its associate banks is a win-win for both the sides....