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21 PSBs Witness Loss of Rs. 25,775 Cr due to Bank Frauds in FY 2018

28May By Gauri SinghNo Comments

News

21 PSBs Witness Loss of Rs. 25,775 Cr due to Bank Frauds in FY 2018

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 by Chandrasekhar Gaud to the Press Trust of India, who had filed the RTI with the Reserve Bank of India. The reply which was sent to him did not mention any details regarding any particular case of banking fraud. At present, the Central Bureau of Investigation is scrutinizing one of the biggest baking frauds presumably involving Nirav Modi and Mehul Choksi (diamond merchants) and PNB officials. The investigating agency has filed two charge sheets in the spe...

PNB Reports Biggest Quarterly Loss Post Nirav Modi Scam

16May By Lavina TolaniNo Comments

INDIA

PNB Reports Biggest Quarterly Loss Post Nirav Modi Scam

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 for preceding fiscal 2016-17. In the context of the provisions of the loss made on account of the scam, the bank said it provided for Rs 7,178 crore, 50 percent of the total amount of Rs 14,356 crore in the fourth quarter of 2017-18. The state-owned bank has also offloaded Rs 6,586.11 crore to other banks to discharge its liabilities towards Letter of Undertakings (LoUs) and Foreign Letter of Credits (FLCs) that were issued fraudulently to certain branches of Indian bank ...

Passport Details Compulsory For Loans Above Rs 50 Crore

12Mar By Sheldan RungasamyNo Comments

INDIA

Passport Details Compulsory For Loans Above Rs 50 Crore

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 Financial Services tweeted. Banks must now make their loan application forms according to the new rule and assist the government in preventing the flight of economic offenders. For those already possessing loans above the stipulated amount of Rs 50 crore, passport details must be submitted by the borrower to their concerned banks within 45 days. In the eventuality that passport details are not produced, banks are expected to take timely ...

PNB-Nirav Modi Scam: One More Bank Executive Arrested

2Mar By NitishNo Comments

INDIA

PNB-Nirav Modi Scam: One More Bank Executive Arrested

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 of those who are in CBI custody in the said case. Earlier in the day, a special CBI court sent Internal Chief Auditor M.K. Sharma of PNB's Brady House Branch to the CBI custody till March 13. Sharma was arrested on Wednesday in connection with the fraud case against Nirav Modi and Gitanjali group. ALSO READ: Everything You Need to Know about the PNB Scam ...

PNB and Gitanjali Gems Shares Tumbled 7 to 10%

20Feb By AdityaNo Comments

Market

PNB and Gitanjali Gems Shares Tumbled 7 to 10%

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 of Rs 117.05. In four trading sessions, the stock has lost nearly 28 per cent and suffered an erosion of Rs 10,781.12 crore from its market capitalisation. While the stock of Gitanjali tumbled 9.99 per cent to Rs 33.80, its lower circuit limit on BSE. At NSE, shares of the company plunged 9.87 per cent to hit its lowest trading permissible limit of Rs 33.75. On February 14, Punjab National Bank (PNB) disclosed that it detected some fraudulent transactions with financial implication of about Rs 1...

15Feb By NitishNo Comments

News

PNB Scam: Bollywood Actress Priyanka Chopra may cancel the contract with Nirav Modi

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 scam, reports surface that Priyanka chopra alleged Nirav Modi for not paying the advertisement amount for promoting the brand. Actor Sidharth Malhotra was also featured in the same advertisement with Priyanka. Chopra’s spokesperson said in a statement, “There are speculative reports that Priyanka Chopra has sued Nirav Modi. This is not true. However, she is currently seeking legal opinion with respect to terminating her contract with the brand ...

Everything You Need to Know about the PNB Scam

15Feb By Sabhyata AgarwalNo Comments

INDIA

Everything You Need to Know about the PNB Scam

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 conspiration with 10 staff members of the bank in one of the branches in Mumbai, as written in the letter to private and public sector banks as well as foreign lenders. It also said, that the glitch was found through the Society for Worldwide Interbank Financial Telecommunication (SWIFT), that one un-authorised junior-level official fraudulently issued Letters of Undertaking (LoUs) on behalf of some companies belonging to Nirav Modi Group. SWIFT, the ...