PNB | Pixr8 News

9Aug By Gauri SinghNo Comments

INDIA

This is How Indian Government Looting The Money of Common People in the name of AMB

It was yesterday morning and the first text message that greeted me was from one of India's leading private bank. My bank account was in that leading bank and the SMS was, "UPDATE: Balance in A/c XX1628 has gone below minimum limit of INR 5,000.00. Yesterday's balance: ...... Check A/c statements on the MobileBanking App" Seeing the remaining amount, I thought that how the balance is so low? Well, after login through net banking I found that it was a penalty amount called "Account Minimum Balance (AMB)" that the Indian banks, nowadays, are collecting from the common of India for the non-maintenance of minimum account balance. However, the shocking part is that my money was deducted despite maintaining the minimum account balance in the first week of the month. When enquired a...

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...

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...

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 ...

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 ...

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...