Friday, November 22

Tag: Nirav Modi Scam

Moody Downgrades PNB Ratings over Impacts of Nirav Modi Fraud
22May By Lavina TolaniNo Comments
INDIA

Moody Downgrades PNB Ratings over Impacts of Nirav Modi Fraud

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 Moody's Report that released on Monday said, The downgrade of the bank’s BCA and ratings reflects the negative impact of the discovery of a number of fraudulent transactions on the bank’s standalone profile, particularly its capital position.   Moody's report has forecasted that the state-run bank will need an external capital of about Rs12,000-13,000 crore in FY19 to meet the minimum Basel III CET1 ratio of ...
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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 ...
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